Canadian Crypto Adoption Soars as One in Four Hold Assets
The Ontario Securities Commission (OSC) has released its latest survey on cryptocurrency adoption in Canada. According to the findings, one in four Canadians now holds crypto assets or funds, a significant jump from 10% earlier this year.
This represents an extraordinary increase, particularly considering that last year was marked by a brutal bear market for cryptocurrencies. The rise in adoption is also accompanied by growing awareness among Canadians, with 59% of respondents claiming to be familiar with cryptocurrency.
The survey reveals that 52% of respondents now believe crypto assets will play a key role in Canada's financial ecosystem, up from 34% in the previous survey wave. Furthermore, the share of advised investors who received a recommendation to invest in crypto has nearly doubled, rising from 19% to 39%.
The recommended portfolio allocations for cryptocurrency remain conservative, however, with typical recommendations capped at 10% or less of an investor's total portfolio. The survey also highlights that Canadians are becoming more cautious and informed about safety measures, with half of crypto owners now checking if their trading platform is registered with regulators before using it.