The country’s progressive stance on cryptocurrencies has led to a conducive environment for the growth of the crypto industry.
Millennials and GenZ are increasingly interested in cryptocurrencies, with a significant portion of them investing in digital assets. The OSC’s data shows that these younger demographics are not just passive observers but active participants in the crypto market. The OSC’s findings indicate that millennials and GenZ are not only interested in cryptocurrencies but are also actively investing in them.
In 2023, this figure dropped to 23%. The second most common reason for buying crypto in both years was its use as a payment method. In 2022, 27% of holders used crypto for this purpose, while in 2023, this figure rose to 30%. The third most common reason for buying crypto in both years was its use as a store of value.
Profile and Behavior Profile markers among Canadians who hold and use cryptocurrencies have been consistent. In 2022 and 2023, the OSC found that crypto owners are very likely to be men, with the 25-to-44 age range as the most common. Also, crypto holders are usually full-time employees and are likely to be familiar with investments, sometimes self-directed. Furthermore, the average Canadian crypto owner is likely to have better financial knowledge and higher educational qualifications than the average person. The OSC’s findings align with global demographics, according to figures published by crypto payment gateway company Triple A, which showed that 61% of crypto owners are male. Another report indicates that this number is 74% among US crypto holders.
The findings come from a recent survey conducted by the Canadian Blockchain Association (CBA), which polled 1,000 Canadians. The survey revealed that 70% of crypto owners believe that cryptocurrencies are already integral to the global financial system, compared to only 40% of non-crypto holders. Furthermore, the survey found that 60% of crypto owners plan to purchase more digital assets in the near future, while only 30% of non-crypto holders have the same intention.
The survey, conducted by the Canadian Digital Media Consulting Group (CDMC), involved 1,000 Canadian crypto owners. It revealed that a significant portion of crypto owners prefer to store their tokens on the platform where they made the purchase. This method is often chosen for its convenience and ease of access. For instance, if a user buys Bitcoin on a platform like Coinbase, they might choose to keep their Bitcoin on the same platform for easy management and potential future transactions.
The Canadian government has been cautious about regulating crypto, but there are signs of change. The Canadian Securities Exchange (CSE) has been working on a framework for crypto-related companies.