In 2023, Canada witnessed a marginal decline in the count of cryptocurrency holders, yet there was a significant surge in the average value of their crypto holdings. However, the Ontario Securities Commission (OSC) revealed through a survey that 77% of respondents regretted their investment in crypto assets.
The OSC's "2023 Cryptoasset Survey," conducted in late May in collaboration with Ipsos, sampled 2,360 Canadians to ensure a comprehensive representation of the country's demographic across gender, age, and region.
The survey outcomes depicted a prevailing sense of skepticism toward cryptocurrencies in the country, potentially attributed to the time when the study was conducted. Although the percentage of Canadians familiar with a basic definition of cryptocurrencies rose slightly from 51% in 2022 to 54% in 2023, only 34% now hold the belief that cryptocurrencies will significantly influence the future, down from 49% in the prior year. Furthermore, the ownership of crypto assets among Canadians decreased from 13% in 2022 to 10% in 2023, primarily concentrated among men aged 25 to 44, holding higher education degrees, and engaged in full-time work.
Despite the prevalent skepticism, 39% of survey participants reported profitability in their crypto portfolios, a figure only slightly lower than the 2022 statistics (46%). The mean value of crypto portfolios observed a substantial uptick, climbing from $52,975 in 2022 to $82,998 in 2023.
The primary motivations behind cryptocurrency purchases remained consistent. Respondents in both 2022 and 2023 identified cryptocurrencies as a "speculative investment." Interestingly, the number of individuals acquiring cryptocurrencies as a "long-term investment" dropped from 29% to 20%, as per the survey's findings.
This trend in Canadian sentiment toward cryptocurrencies aligns with a comparable study conducted in France. Data from the Organization for Economic Cooperation and Development revealed that 9.4% of the French population holds crypto assets, a figure slightly lower than those investing in real estate funds, the most favored investment asset type.
