Canadian ownership of crypto assets fell by 23%, study finds

Concerns about risks, volatility, lack of government guarantee, and potential fraud or hacking deterred others from buying crypto.

The Ontario Securities Commission (OSC) released a survey on Canadians’ knowledge and opinions on crypto assets. In 2023, Canadian ownership of crypto assets fell by 23% from the previous year, signaling a decline in interest.

The survey revealed that current crypto owners are more likely to regret their purchase and report a decrease in the value of their assets. Only 10% of respondents owned crypto assets, down from 13% in 2022.

Canadians now doubt the future significance of crypto in the economy and are less inclined to invest in the next year. Confidence in a sustainable market for selling crypto assets is low. Participants cited various reasons for buying crypto, including the potential for higher returns than traditional savings, speculative investments, and belief in the technology. Concerns about risks, volatility, lack of government guarantee, and potential fraud or hacking deterred others from buying crypto.

This online survey, conducted from May 16 to June 7, 2023, included 2,360 Canadians. It offers insights into the shifting landscape of crypto investment in Canada.

The OSC highlighted the importance of caution when investing in crypto assets, advising to check if the platform is registered. They maintain a list of registered crypto asset trading platforms in Ontario.

The OSC’s mission includes protecting investors, promoting fair and efficient capital markets, fostering capital formation, and contributing to financial system stability. They encourage investors to verify the registration of any investment opportunity and to utilize OSC resources for informed decision-making.

Financefeeds.com