According to recent research, Canadian interest in cryptocurrency investment has significantly decreased compared to the previous year. Currently, Canadians are less inclined to view cryptocurrencies as an important factor in the economy or to foresee them becoming more significant in the future, and the proportion of those regretting purchasing cryptocurrencies has risen from 68% in 2022 to 77% this year.
Key Findings from the Cryptocurrency Research
The Canada Operations Support Centre (OSC) shared the results of the striking “Crypto Assets Survey 2023″ on November 29. The survey was conducted in May this year in partnership with Ipsos and included 2,360 Canadians, representing a proportional segment of the population in terms of gender, age, and region. The most important finding of the research is that the country is now approaching cryptocurrencies with skepticism.
One of the most significant findings in the research is the decline in Canadian cryptocurrency investments from last year. This percentage has decreased from 13% in 2022 to 10% in 2023. Demographically, the majority of cryptocurrency investors in the country are full-time employed, graduate-educated males aged between 25-44. According to the research, the proportion of Canadians who can make a basic definition of cryptocurrency has risen from 51% in 2022 to 54% in 2023. However, the belief that cryptocurrencies will play an important role in the future has decreased from 49% in 2022 to 34% in 2023.
77% of the participants expressed regret for purchasing cryptocurrencies over a year ago. This rate was 68% in 2022. In both 2023 and 2022, speculative investment or gambling was the most cited reason for purchasing cryptocurrencies. Moreover, the proportion of those who see cryptocurrencies as a long-term investment has decreased from 29% in 2022 to 20% in 2023.
Canadians Continue to Use Centralized Crypto Exchanges
Centralized crypto exchanges (CEXs), with a 52% rate, continue to be the most commonly used platforms for Canadians to purchase Bitcoin (BTC) and altcoins. 19% of participants stated they purchased their cryptocurrencies from a decentralized crypto exchange (DEX), 16% through mining or staking, 14% for free, 14% through token production or ICOs, and another 14% through friends, family, or colleagues.
In 2023, the rate of purchasing cryptocurrencies through a DEX or ATM has increased, especially among individuals aged 18-34, compared to 2022. The rate of purchasing cryptocurrencies through a DEX, which was measured at 18% in 2022, has risen to 25% in 2023. The rate of purchasing cryptocurrencies through crypto ATMs, which was measured at 8% in 2022, has increased to 15% in 2023.
