In 2023, the number of cryptocurrency owners in Canada decreased slightly, but the average holdings increased significantly.
According to a report from the Ontario Securities Commission (OSC), 77% of respondents regret investing in crypto assets.
While the number of Canadians able to provide a basic definition of cryptocurrency has grown from 51% in 2022 to 54% in 2023, only 34% of them now believe cryptocurrency “will play a key role in the future,” compared to 49% in 2022.
However, despite the pessimism, 39% of respondents said their crypto portfolio was profitable compared to the initial investment, which is only slightly lower than in 2022 (46%). And the average value of such a portfolio has risen sharply from $52,975 last year to $82,998 this year.
The negative sentiment of Canadians towards cryptocurrency was confirmed in the “Digital Canadian Dollar Public Consultation Report.”
In addition, public consultations on the Central Bank of Canada’s digital currency (CBDC) initiative revealed a general negative attitude from Canadians.
The Canadian central bank set out to define the place of CBDC in a world dominated by digital paper payments and credit cards. However, Canadian residents have demanded the introduction of rules requiring merchants to accept cash as payment.
The majority of respondents advised the Bank of Canada to stop research and increase the capacity to issue a digital Canadian dollar. However, the public believes that their feedback will not be taken into account under the CBDC initiative.
At the same time, Canada is ranked in the top spot for having seven spot Bitcoin ETFs worth a total of $2b in total assets. Data from the report shows that Canada and Europe are the main markets for spot Bitcoin ETFs, with the seven in Canada and 10 in Europe.
