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CGWise Unveils Trends in Canadian Crypto Ownership – A 2023 Analysis with Surging Average Portfolio Values

The OSC’s survey unveils a complex narrative of shifting sentiments, demographic patterns, and contradictory emotions surrounding crypto investments in Canada.

London, United Kingdom, February 12, 2024 – In the ever-evolving landscape of cryptocurrency, 2023 brought notable shifts in Canada’s crypto space, with a nuanced tale of both decline and resilience. Eddie Shaw, an expert at  Capital Group Wise, says the Ontario Securities Commission (OSC) recently released its “Crypto Assets Survey 2023,” shedding light on Canadians’ sentiments and behaviours towards cryptocurrencies. Conducted in partnership with Ipsos, the survey provides a comprehensive snapshot of the crypto landscape in the country, encompassing the perspectives of 2,360 respondents reflecting the diverse demographics of Canada.

The survey highlighted changing perceptions, with 34% of respondents believing that crypto will play a key role in the future, down from 49% in 2022. A demographic shift was observed, particularly among males aged 25–44 with higher education and full-time employment, showcasing a nuanced picture of crypto ownership. Despite regret, the primary reason for buying crypto remained a “speculative investment,” with a decline in those viewing it as a “long-term investment” from 29% to 20%.

The Decline in Holders, Yet Rising Portfolio Values

The headline revelation from the survey suggests a dip in the number of crypto holders in Canada compared to the previous year. In 2022, 13% of Canadians held crypto assets, a figure that saw a slight decline to 10% in 2023. However, the narrative takes an intriguing turn when examining the value aspect. The average value of crypto portfolios witnessed a substantial surge, leaping from $52,975 in 2022 to an impressive $82,998 in 2023. This juxtaposition of a reduced holder count and increased portfolio value paints a complex picture of the country’s evolving dynamics of crypto ownership.

Regret Amidst Profitability

An interesting paradox emerges as 77% of survey respondents regret their crypto investments. This sentiment raises questions about the reasons behind this remorse despite the apparent profitability of crypto portfolios. The survey indicates that despite the overarching regret, 39% of respondents acknowledge their crypto portfolios are profitable. This may suggest a disconnect between Canadian crypto investors’ financial gains and emotional experiences, emphasising the need for a deeper understanding of investor sentiments and expectations.

Changing Perceptions and Pessimism

The survey delves into Canadians’ changing perceptions of cryptocurrencies. While the percentage of individuals capable of providing a basic definition of crypto increased marginally from 51% in 2022 to 54% in 2023, there is a notable shift in the belief that crypto will play a significant role. In 2022, 49% held this conviction, which dropped to 34% in 2023. This pessimism may be attributed to the timeframe of the survey, capturing sentiments during a period that might have witnessed market fluctuations or external factors influencing public perception.

Demographic Insights: Males, Education, and Employment

The survey identifies specific demographic patterns among crypto investors. The decline in crypto ownership is observed prominently among males aged 25–44 with higher education diplomas and full-time employment. This demographic shift prompts further exploration into the factors influencing the decisions of this specific group and the potential implications for the crypto market.

Reasons Behind Crypto Investments: Speculation and Long-Term Views

The motivations behind crypto investments remain consistent, with the most common reason cited as “speculative investment.” This trend persisted from 2022 to 2023, indicating that many investors see crypto as a vehicle for potential gains rather than a stable, long-term asset. Notably, the percentage of those viewing crypto as a “long-term investment” decreased from 29% in 2022 to 20% in 2023, signalling a shift in investor sentiment towards a more speculative approach.

Global Parallels: Insights from France

The results of the Canadian survey align with similar research conducted in France, providing a broader perspective on global crypto trends. The Organisation for Economic Co-operation and Development’s research in France reveals that 9.4% of the population holds crypto assets. This statistic is only marginally lower than the percentage holding real estate funds, the most popular traditional investment asset. These global parallels underscore the interconnectedness of the crypto market and the shared challenges and opportunities faced by investors worldwide.

The OSC’s Crypto Assets Survey for 2023 unveils a multifaceted narrative surrounding crypto investments in Canada. The decline in holders juxtaposed with a surge in portfolio values, coupled with the paradoxical coexistence of regret and profitability, reflects the intricate nature of crypto ownership. Understanding the evolving perceptions, demographic shifts, and motivations behind crypto investments is crucial for regulators, industry stakeholders, and investors alike as they navigate the complexities of the crypto landscape. As the global crypto community grapples with similar dynamics, the insights from Canada provide valuable perspectives for shaping policies, enhancing education, and fostering a more informed and resilient crypto ecosystem.

Important notice: This article is purely informational and is not intended to provide trading or financial advice. Readers are encouraged to conduct their own research and seek professional guidance before making any investment decisions. The accuracy and reliability of information, especially with regard to third-party references or hyperlinks, cannot be guaranteed.


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