In 2023, the number of cryptocurrency owners in Canada decreased slightly, but average holdings increased significantly.
According to a report from the Ontario Securities Commission (OSC), 77% of respondents regret investing in crypto assets.
While the number of Canadians able to provide a basic definition of cryptocurrency has increased from 51% in 2022 to 54% in 2023, only 34% of them now believe that cryptocurrency “will play a key role in the future,” compared with 49% in 2022.
However, despite the pessimism, 39% of respondents said their cryptocurrency portfolio was profitable compared to the initial investment, which is only slightly lower than in 2022 (46%). And the average value of that portfolio has risen dramatically from $52,975 last year to $82,998 this year.
Canadians’ negative sentiment towards cryptocurrencies was confirmed in the “Digital Canadian Dollar Public Consultation Report.”
Furthermore, public consultations on the Central Bank of Canada’s digital currency (CBDC) initiative revealed a widespread negative attitude on the part of Canadians.
The Canadian central bank set out to define the place of the CBDC in a world dominated by digital paper payments and credit cards. However, Canadian residents have demanded the introduction of rules requiring merchants to accept cash as payment.
Most respondents advised the Bank of Canada to stop research and increase the ability to issue a digital Canadian dollar. However, the public believes that their comments will not be taken into account in the CBDC initiative.
At the same time, Canada ranks first for having seven spot Bitcoin ETFs worth a total of $2 billion in total assets. Data from the report shows that Canada and Europe are the top markets for spot Bitcoin ETFs, with seven of them in Canada and ten in Europe.
