According to CryptoPotato, a recent study shows that Canadians' enthusiasm for crypto investment has decreased compared to the previous year, and they are now less likely to view crypto as a significant factor in the current economy or expect its future importance. The Ontario Securities Commission (OSC) released its 'Crypto Assets Survey 2023' on November 29, conducted in collaboration with Ipsos in late May. The survey included 2,360 Canadians, representing a proportional cross-section of the population in terms of gender, age, and region, and revealed a prevailing skepticism toward crypto within the country.
Crypto ownership among Canadians has decreased over the past year, declining from 13% in 2022 to 10% in 2023. The majority of these crypto owners are likely to be men aged 25-44, have an undergraduate degree or higher, and are engaged in full-time employment. The percentage of Canadians able to provide a basic definition of crypto increased from 51% in 2022 to 54% in 2023. However, the belief that crypto 'will play a key role in the future' has declined to 34%, down from 49% in 2022. Among those surveyed, 77% of crypto asset owners expressed regret over having purchased crypto assets more than a year ago, up from 68%.
Crypto trading exchanges remain the most common way to acquire Bitcoin and altcoins, with 52% of owners reporting having used such a platform, a figure unchanged from 2022. A total of 19% acquired their crypto assets through a decentralized exchange, 16% through mining or staking, 14% received them for free, 14% through a token generation event or initial offering, and 14% through friends, family, or colleagues. Compared to 2022, a higher percentage reported obtaining crypto assets through a decentralized exchange or ATM, while a lower percentage did so through friends, family, or colleagues. The shift towards acquisition through a decentralized exchange or ATMs was primarily influenced by individuals aged 18-34, who were more inclined to do so compared to 2022. In 2023, 25% acquired their crypto assets through a decentralized exchange, up from 18% in 2022. Additionally, 15% of users acquired crypto assets through ATMs in 2023, compared to 8% in 2022. Meanwhile, only 15% in this age group obtained their crypto assets through friends, family, or colleagues in 2023, down from 25% in 2022.
The majority of Canadians are not interested in a central bank digital currency (CBDC). New survey results from the Bank of Canada, which gathered 89,424 responses from a diverse range of Canadians, revealed overwhelming opposition to the central bank's exploration and issuance of a digital loonie. Concerns over potential privacy violations and a preference for existing payment methods were prominent, with 85% stating they wouldn't use a digital Canadian dollar.