Last updated on February 1, 2022
Flush with time on their hands and few activities to spend money on, many consumers have indulged in trading cryptocurrency for the first time during the pandemic. Cryptocurrency has become a global phenomenon in recent years.
Keeping this in mind, Caddle asked our Daily Survey Panel what Canadians’ thoughts are on cryptocurrency.
Canadians are Slowly Catching on
Many Canadians are slowly but surely familiarizing themselves with cryptocurrency. According to Caddle, 30% of Canadians are familiar with cryptocurrency, out of which most are men and younger generations like Gen Z. In comparison, 34% are not very familiar, and 36% are not familiar at all. With crypto being called “the future of money”, it would be interesting to see how these stats change in the next few years.
Which Cryptocurrency Do You Own?
Multiple coins are traded online every day; however, Bitcoin is leading the ranks for Canadians. Out of the Canadians who own cryptocurrency, 73% own Bitcoin, followed by Ethereum (46%) and Dogecoin (19%). Caddle further discovered that Canadians are more likely to hold their coins for the long run (43%), although many are still keen on buying and selling frequently (43%). Knowing how volatile the crypto market is, it’s hard to say which strategy is likely to work.
Willing to Take a Risk?
Caddle discovered that despite the uncertainty and price volatility related to the crypto market, Canadians are willing to take the risk and continue buying coins and trading cryptocurrency in the future. Of those familiar with the market, 57% said they are likely to purchase coins, while 23% were unsure, and 19% said they are unlikely to buy any coins.
Main Takeaways
No.1 |
30% of Canadians are familiar with cryptocurrency, out of which most are men and younger generations like Gen Z. In comparison, 34% are not very familiar, and 36% are not familiar at all.
No.2 |
The top coin owned by Canadians is Bitcoin (73%), followed by Ethereum (46%) and Dogecoin (19%).
No.3 |
Of those Canadians familiar with the market, 57% said they are likely to purchase coins, while 23% were unsure, and 19% said they are unlikely to buy any coins.
Liked what you just read? Caddle has a lot more to offer, check out our blog on Canadian Spending or Canadian Debts!
*Disclaimer: all data presented is owned by Caddle and has a Margin of Error of 1% or lower.
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