Crypto ownership in Canada slips in 2023, but average value of holdings rises

Only 34% of Canadians still believe that crypto “will play a key role in the future,” though the number of those able to give a basic definition of digital currencies has risen slightly.

The number of crypto hodlers in Canada dropped slightly in 2023, but the average value of their holdings rose significantly. However, 77% of respondents regret investing in crypto assets, according to a survey published by the Ontario Securities Commission (OSC).

The OSC published a “Crypto Assets Survey 2023,” on Nov. 29, conducted in partnership with Ipsos at the end of May. The survey interviewed 2360 Canadians, selected to reflect the accurate proportion of the country’s population by gender, age and region.

Perhaps due to the period when the research was done, its results reflect a general pessimism toward crypto in the country’s population. While the number of Canadians able to give a basic definition of crypto rose from 51% in 2022 to 54% in 2023, only 34% of them now believe that crypto “will play a key role in the future,” compared to 49% in 2022.

Related: Digital Canadian dollar fails to impress despite high awareness

Fewer Canadians own crypto assets than a year ago — 10% in 2023 versus 13% in 2022. These are most likely to be males aged 25-44 with a higher education diploma and a full-time job.

Despite the pessimism, 39% of respondents claimed their crypto portfolio to be profitable compared to an initial investment, which is only slightly less than in 2022 (46%). And the average value of such a portfolio rose dramatically from $52,975 last year to $82,998 this year.

The most common reason for buying crypto remains stable — as in 2022 and 2023, it was a “speculative investment.” According to the survey, the number of those who bought crypto as a “long-term investment” dropped from 29% last year to 20% this year.

The numbers in the Canadian survey match the recent results of the analogous research in France. Conducted by the Organisation for Economic Co-operation and Development (OECD), it showed that 9.4% of the French population holds crypto assets, which is only marginally lower than those holding the most popular type of investment asset, real estate funds.

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