Cryptocurrency holdings in Canada decline in 2023

Only 34% of Canadians still believe that cryptocurrencies "will play a key role in the future."

The number of cryptocurrency holders in Canada decreased slightly in 2023, but the average value of their holdings increased significantly. However, 77% of respondents regret having invested in crypto assets, according to a survey published by the Ontario Securities Commission (OSC).

The OSC published its “2023 Cryptoasset Survey” on November 29, conducted in collaboration with Ipsos at the end of May. The survey interviewed 2,360 Canadians selected to reflect an accurate proportion of the country's population by sex, age and region.

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The survey results reflect a general pessimism towards cryptocurrencies in the country's population, which could be due to the period in which the research was carried out. While the number of Canadians able to give a basic definition of cryptocurrencies increased from 51% in 2022 to 54% in 2023, only 34% now believe that cryptocurrencies "will play a key role in the future," compared to 49%. % in 2022.

Fewer Canadians own crypto assets than a year ago: the figure fell from 13% in 2022 to 10% in 2023. These are more likely to be men between 25 and 44 years old with a higher education diploma and a full-time job.

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Despite the pessimism, 39% of respondents say their cryptocurrency portfolio is profitable, a figure only slightly lower than in 2022 (46%). And the average value of cryptocurrency portfolios increased dramatically from USD 52,975 in 2022 to USD 82,998 in 2023.

The most common reason for buying cryptocurrencies remains consistent. In 2022 and 2023, respondents said cryptocurrencies were a "speculative investment."According to the survey, those who bought cryptocurrencies as a "long-term investment."