The study found that Canadians' interest in cryptocurrency investment is waning

According to the survey, the percentage of people who regret buying crypto has soared to 77%, up from 68% last year.

A recent study showed that Canadians’ enthusiasm for cryptocurrency investing has decreased compared to the previous year. In addition, they are now reluctant to see cryptocurrencies as an important factor in the current economy or the importance of predicting their future.

On November 29, the OSC released the “2023 Crypto Asset Survey” conducted in partnership with Ipsos at the end of May. The survey, which encompasses 2,360 Canadians, represents a disproportionate proportion of the population in terms of gender, age, and region, revealing the country’s pervasive skepticism about cryptocurrency.

FINDINGS

Cryptocurrency ownership among Canadians has declined over the past year, from 13% in 2022 to 10% in 2023. Demographically, the majority of these cryptocurrency owners are likely to be males between the ages of 25-44 with an undergraduate degree or higher and working full-time.

The percentage of Canadians who were able to provide a basic definition of cryptocurrency increased from 51% in 2022 to 54% in 2023. However, the percentage of Canadians who believe cryptocurrencies “will play a key role in the future” has dropped from 49% to 34% in 2022.

Among respondents, 77% of crypto asset owners expressed regret about buying crypto assets more than a year ago, compared to 68%.

In 2023 and 2022, the main justification for buying cryptocurrencies is its role as a speculative investment or gambling. However, the number of crypto owners who are buying digital assets as a long-term investment has dropped from 29% in 2022 to 20% in 2023

Cryptocurrency trading exchanges remain the most common way to acquire BTC and ALTs, with 52% of owners saying they have used such platforms, a figure unchanged from 2022. A total of 19% of owners purchased crypto assets through decentralized exchanges, 16% through mining or staking, 14% for free, 14% through token generation events or initial offerings, and 14% through friends, family, or colleagues.

Compared to 2022, the percentage of crypto assets acquired through decentralized exchanges or ATM is higher, and the percentage of crypto assets acquired through friends, family, or colleagues is lower.

The report states that the trend of buying through DEXs or ATM is primarily influenced by 18-34-year-olds, who are more inclined to do so compared to 2022. In 2023, 25% of people bought crypto assets through DEXs, up from 18% in 2022. In addition, 15% of users acquired crypto assets through ATM in 2023, compared to 8% in 2022.

Meanwhile, in 2023, only 15% of this age group acquired crypto assets through friends, family, or colleagues, down from 25% in 2022.

Most Canadians are not interested in CBDCs

This pessimism reflected in the report may be attributed to the specific timing of the study, when the cryptocurrency market was under significant bearish pressure. However, Canadians don’t seem to be too keen on CBDCs either.

The Bank of Canada collected 89,424 responses from a diverse group of Canadians, and the latest survey results show that the vast majority oppose the central bank’s exploration and issuance of a digital Canadian dollar. Concerns about potential privacy violations and preferences for existing payment methods are prominent, with 85% saying they won’t use digital Canadian dollars.