Canadians Exhibit Waning Crypto Enthusiasm in 2023

    The OSC’s “Crypto Assets Survey 2023” reveals a decline in Canadian interest in cryptocurrency investments. Ownership has dropped from 13% to 10%, with skepticism prevailing. Discover the changing dynamics and attitudes towards crypto in Canada.

    A recent survey by the OSC highlights a shift in Canadians’ attitude towards cryptocurrency investments. Ownership has dwindled from 13% in 2022 to 10% in 2023, with a notable decline in the belief that crypto will play a crucial role in the future economy, dropping from 49% to 34%. The majority of crypto owners are men aged 25-44, with an undergraduate degree or higher and engaged in full-time employment.

    While the understanding of crypto has improved, with 54% capable of providing a fundamental definition in 2023 compared to 51% in 2022, regret among crypto asset owners has surged to 77%, up from 68% in the previous year.

    Interestingly, the primary motive for purchasing crypto remains speculative, with 52% acquiring assets through trading exchanges. However, the number of long-term investors has decreased from 29% to 20% in 2023. The report also highlights a shift in acquisition methods, with a rise in decentralized exchanges and ATMs, particularly among the 18-34 age group.

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