In 2023, the number of cryptocurrency holders in Canada saw a slight decline, yet the average value of their holdings experienced a notable increase. However, a significant 77% of survey participants expressed regret over investing in crypto assets, as reported by a study from the Ontario Securities Commission (OSC).
The OSC released its “Crypto Assets Survey 2023” on November 29, a collaborative effort with Ipsos conducted at the end of May. This survey involved 2,360 Canadians, chosen to accurately represent the country’s demographic distribution in terms of gender, age, and region.
The findings indicate a general skepticism towards cryptocurrency among Canadians, possibly influenced by the timing of the research. Although the percentage of Canadians who can provide a basic definition of cryptocurrency increased from 51% in 2022 to 54% in 2023, only 34% now see crypto as playing a significant role in the future, a decrease from 49% in the previous year. The proportion of Canadians owning crypto assets has fallen from 13% in 2022 to 10% in 2023, with the typical profile being male, aged 25–44, possessing a higher education degree, and employed full-time.
Despite this prevailing skepticism, 39% of respondents reported profitability in their crypto investments, only slightly lower than the 46% in 2022. Furthermore, the average value of cryptocurrency portfolios surged from $52,975 in 2022 to $82,998 in 2023.
The primary motivation for purchasing cryptocurrency remained the same over the years, with most respondents viewing it as a “speculative investment.” The survey also noted a decline in those buying crypto for “long-term investment” purposes, from 29% in 2022 to 20% in 2023.
These Canadian survey results align with similar findings in France. Research by the Organisation for Economic Co-operation and Development (OECD) revealed that 9.4% of the French population holds crypto assets, a figure slightly lower than those investing in the most popular asset type, real estate funds.
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