VANCOUVER – Canadians are interested in being paid in crypto, but the future of digital currencies in Canada is still far from certain.
Capterra’s most recent study reveals that 25% of Canadians are currently investing in cryptocurrency, and a further 37% are planning to do so in the near future. 58% of crypto investors started investing during the pandemic, citing more time to do personal research and encouragement from others as the main motivators.
Of the 1,000 survey respondents, a large majority (62%) showed interest in being paid in cryptocurrency within the next 5 years, demonstrating a significant shift in the future landscape of digital currencies in Canada.
The demographics of crypto investors fall into younger age groups, as 34% of those surveyed who are currently investing are between the ages of 18 and 22, and 41% are between 23 and 35.
Among those who are not investing in crypto, 64% cited a lack of knowledge as their main cause of hesitation. 40% responded that they are also afraid of fluctuations in the value of digital currencies.
52% also revealed at least a slight concern about the use of crypto for illegal activities, and the implementation of a CBDC raises security and privacy concerns for 66% of respondents.
“There is still a widespread lack of understanding surrounding cryptocurrency in Canada. Despite the enthusiasm to invest shown by over half of Canadians surveyed, crypto fans – most of whom jumped on this trend in the last six months – show distrust in the nature of cryptocurrency operations and trading with digital currencies. While ideas like a blockchain-dependent economy and the introduction of Web3 may be gaining popularity quickly, the reality is that the future of crypto in Canada remains uncertain.” comments Tessa Anaya, analyst for this study.
How and why are Canadians investing in crypto?
Of those already investing in cryptocurrency, the majority (58%) are doing so to make a profit, while just under half (48%) simply want to get involved in the trend. Online cryptocurrency exchange platforms are by far the most used trading platforms in Canada, as 82% reportedly buy and sell crypto this way. However, with the appearance of Bitcoin ATMs across the country, 15% of Canadian investors now mine in stores.
Capterra helps organizations around the world find the right software for their needs. Founded in 1999, Capterra’s global product footprint, verified user reviews backbone, independent research, and tailored comparison tools, provide more than five million in-market buyers with a confidence-building discovery experience.