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OSC: 2023 Canadian Crypto Survey Insights

Crypto Survey | Dec 19, 2023

Crypto Asset Survey 2023 OSC 1 - OSC: 2023 Canadian Crypto Survey Insights

Image: OSC Crypto Asset Survey 2023

Canadian Crypto Ownership Drops 23% YoY According to the OSC's 2023 Crypto Asset Survey Results

This is the second year the OSC has commissioned its annual Crypto Asset Survey of Canadians.  Here's the link to last year's survey results back in 2022.  The survey aimed to understand engagement with crypto assets, knowledge variations across demographics, sources of information, and changes over the past year by digging into 5 primary research questions.

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  • How often do people engage with crypto assets, and what are the differences between those who do and those who don't?
  • What is the level of knowledge about crypto assets among different age and income groups and how does it differ based on their investment experience?
  • What are the common sources of information about crypto assets for different groups of people?
  • What kinds of information sources influence people's actions and understanding related to crypto?
  • How have people's engagement, knowledge, and sources of information about crypto assets changed compared to last year?

The 2023 crypto survey was administered by ipsos and involved an online survey of 2,360 Canadians, including over-sampling of crypto owners to ensure a minimum sample size of 500. The survey was fielded from May 16 to June 7, 2023, and weighted to reflect the Canadian population composition.  Note, that this was before (or just as) crypto markets started their recent run-up.

Overview of 2023 Survey Results

There's a plethora of information in the 73 page PDF survey results presentation deck.  Below are select findings to provide a flavour of what one will find by reviewing the full 2023 Canadian Crypto Survey Results.

Engagement and Owner Profile

  • Decreased ownership: In 2023, only 10% of Canadians owned crypto assets, down from 13% in 2022.
  • Crypto owners are predominantly men, aged 25-44, with high education and income levels.
  • The decline in engagement with crypto assets is evident, with fewer Canadians owning them in 2023 compared to 2022. However, those who do own crypto tend to hold a higher market value on average.

Knowledge and Demographics

  • Slight increase in knowledge.  54% of Canadians correctly identified the definition of crypto assets in 2023, up from 51% in 2022.
  • Higher knowledge among younger Canadians (18-34), men, and those with higher incomes.
  • There is a marginal increase in the overall knowledge about crypto assets. Younger Canadians and those with higher incomes show greater understanding. Men and investors, particularly self-directed ones, demonstrate higher knowledge levels.

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Sources of Information

  • Diverse information sources including family, friends, colleagues (34%), and social media influencers (23%).
  • Use of the provincial securities regulator website as a source rose to 10% in 2023 from 7% in 2022.
  • Interestingly, nearly 80% of investors (with financial advisors) have not been recommended to purchase crypto assets by their advisors.
  • 45% of respondents reported seeing crypto asset advertising, a considerable decline from 65% in 2022.

Changes Over the Past Year

  • 20% of Canadians planned to purchase crypto assets in the next 12 months in 2023, down from 31% in 2022.
  • Over the past year, there's been a decline in the engagement with and interest in crypto assets. Knowledge about crypto assets has slightly increased, but the sources of information and reasons for purchasing crypto assets remain consistent with the previous year.

The detailed findings from the survey provide insights into the current state of crypto asset engagement, understanding, and the influence of information sources on investor behavior.

Cautionary note to readers:  NCFA is constantly looking for more data and analysis, and as such, we support this and other surveys however note when reading the survey results, its important to understand the context in which the surveys was conducted. It's crucial to recognize that the way questions are framed and the data is presented can significantly influence the interpretation of the results.  Be on the look out for any bias against crypto, which could have influenced the survey's design and its findings. The survey focuses on direct ownership of crypto assets, but what about indirect ownership (e.g., through ETFs or companies like LQwD) which is also significant? This raises questions about whether the survey fully captures the extent of crypto engagement.  The survey doesn't compare crypto with other high-risk investments like gold. Such a comparison could provide a more comprehensive view of how crypto fits into the broader investment landscape.  There's a need for a more extensive survey that includes all high-risk investments, which would help in understanding crypto's place in the wider economy.  There's concern about the apparent lack of knowledge among investors and the advice being given to purchase crypto, especially to those with a low tolerance for risk. This points to a need for better education and guidance in the crypto investment space.   What actions will does the OSC intend to take to address these issues, particularly in educating investors and ensuring they make informed decisions aligned with their risk tolerance.  In summary, while the OSC 2023 Canadian Crypto Survey provides valuable insights, it's important for readers to consider the potential biases, the context of the data, and the broader economic and investment landscape when interpreting the results. There's a need for more comprehensive and balanced approaches in studying and reporting on crypto investments.  Have a comment or concern?  Contact us:  info@ncfacanada.org

Download the 73 page PDF --> here


NCFA Jan 2018 resize - OSC: 2023 Canadian Crypto Survey InsightsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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