Crypto is no longer a niche asset for Canadians. According to the Ontario Securities Commission’s recent survey, one in four Canadians now owns cryptocurrency or crypto funds, a dramatic rise from just 10% at the beginning of 2023. This surge comes despite the sector’s tough year marked by a bear market and illustrates a swift reshaping of investment habits in the country.
Public awareness about crypto climbed to 59%, and more than half of those surveyed 52% see crypto assets as a meaningful part of Canada's financial future, sharply up from 34% last time. Even financial advisors are jumping on the bandwagon: recommendations to clients for investing in crypto have nearly doubled, with 39% of advised investors hearing these suggestions, compared to 19% earlier.
Yet, the enthusiasm is tempered by caution. Typical crypto allocations remain conservative, generally staying below 10% of an investor’s portfolio. A shift toward cautious optimism is also evident in how Canadians approach safety. Now, half of crypto holders check if their trading platforms are regulated, a noticeable increase from 38% previously.
Knowledge of stablecoins and tokenized real-world assets (RWA) is still developing. Only 34% recognize stablecoins, and a mere 24% understand tokenized RWAs. However, among those familiar with tokenized assets, 74% would consider buying them if offered through their main bank or investment firm, highlighting a growing openness to new crypto products.
Canada continues to lead in regulatory innovation, having approved the country’s first Bitcoin ETF back in 2021 and maintaining an active registration system for crypto platforms. This regulatory framework may be encouraging both investors and advisors to become more confident in the crypto space, despite its volatility.
This material is informational and does not constitute financial advice.
