A new survey of 2,000 Canadian’s by comparison website Finder shows cryptocurrency use is increasing in Canada. It also reveals an opportunity for cryptocurrency proponents to convert a large proportion of Canadians who don’t yet understand the nascent industry.
Increasing cryptocurrency use in Canada
Finder found 16.55 percent of respondents had purchased cryptocurrency. If this statistic translated accurately to the wider population of Canada it would equate to 4.8 million Canadians. In comparison, a Bank of Canada (BoC) survey taken in December 2017, showed just 5 percent of Canadians had bought cryptocurrency. Cryptocurrency ownership in Canada in 2016 was 2.9 percent, according to the BoC.
Combining the results of both polls, cryptocurrency ownership in Canada appears to be growing rapidly, as one might expect as the industry begins to mature.
Finder’s Global Editor in Chief, Angus Kidman compared Canada’s usage of cryptocurrency to other global markets:
“While 16.55% of Canadians may not sound like a large number, the proportion is very high compared to other markets,” said Kidman. “Finder conducted a similar study in the US earlier this year, which found that only 7.95% of Americans have invested in cryptocurrency,” he continued. “So there’s a much bigger level of interest in cryptocurrency in Canada, which bodes well for the local crypto sector.”
Many Canadians still have “crypto-confusion,” said Finder Editor in Chief
Of the survey results about why Canadians aren’t buying cryptocurrency, a majority of respondents had answers that revolved around knowledge of the industry. Four answers – “don’t know what it is,” “think it’s too complicated,” “think it’s a scam,” or “think there are too many fees” – accounted for nearly two thirds of respondents’ (68%) reasons for not buying cryptocurrency.
The nature of these responses points to an opportunity for cryptocurrency to gain wider adoption in Canada should Canadians be more exposed to the reality of the sector.
For those who “don’t know what it is,” discovering what Bitcoin and blockchain technology is, and even how to buy cryptocurrency, could go a long way to persuading some of this 26.96 percent to actually use cryptocurrency. The same is true for those who “think it’s too complicated,” when buying cryptocurrency is much much easier than buying stock shares or even opening a savings account. Respondents who “think it’s a scam” or think there are too many fees form less than 15 percent of respondents and it’s open to interpretation whether these Canadians could be persuaded that cryptocurrency is not a scam or that barriers to entry, like fees, are actually very low.
This data may not be wholly representative of collective opinion, though, as Finder clarified that respondents were able to choose more than one reason for not entering the market.
Given that only 16.54 percent say they didn’t have enough money, there’s a large proportion of Canadians who could have money to invest and may only need to be persuaded that cryptocurrency is an opportunity.
Kidman supported these findings with his comments to Coinsquare News:
“One of the key reasons why people aren’t interested in cryptocurrency is because they think it’s too difficult to understand,” said Kidman. “Even millennials, who have a reputation for being more tech-savvy than other generations, gave this as their top reason for not buying into cryptocurrency. The survey results show that there’s still a lot of crypto-confusion and a lack of understanding around the basics.”
Canadian crypto owners largely young and male, found survey
The survey also found that more men, at 19.45 percent, had bought cryptocurrency than women, at 14.10 percent. As well as another expected result considering the young, male dominated technology demographic: 31.68 percent of millennials had purchased cryptocurrency.
More Canadians from central Canada, at 17.67 percent have bought cryptocurrency than those on the west coast, at 11.11 percent, and the Atlantic region at 16.80 percent. As Toronto is included in Central Canada and is a hub for blockchain and cryptocurrency, the higher ownership in this region is not surprising. However, given that common beliefs in Canada show Vancouver as an the western hub of Canadian blockchain and Atlantic Canada broadly lacking in this arena, it’s interesting to see the Atlantic region’s relatively high ownership in cryptocurrency.
Overall, the results are encouraging for the sector. Despite coin price fluctuations, cryptocurrency use has increased since the market peak of December 2017. Not only is cryptocurrency adoption increasing but there is also a significant opportunity for further cryptocurrency investment, given the reasons why some Canadians just haven’t taken the leap yet.
Image Source: Finder
Source: Coinsquare : New Survey of Finds Significant Amount of Canadians Interested in Crypto
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