Recent survey that was conducted in Canada’s Ontario province has enlightened with its results, the cryptocurrency investing habits in the region as well as the views of financial consumers and their understanding of the nascent technology.
The study that was compiled by Ontario Securities Commission’s Investor Office, showed us that currently 5% of Ontarians, or around half a million residence of the province, possess crypto assets. Currently, the population of Ontario is estimated to be more than 14 million (over 38% of Canada’s population). At the same time, there is another 4% of the Ontario population that used to own crypto assets, though that was no longer the case at the time of the survey.
Per the survey, which was conducted in Canada’s most populous province in March this year, millennial males aged between 18 and 34 were the demographic most likely to own cryptocurrencies, with 14% of them owning a crypto asset.
Most of the Ontarians who invested in crypto assets largely spent small amounts to purchase cryptocurrencies. About 50% spent less than $1,000 on buying cryptocurrencies, while 90% spent under $10,000.
On the other hand around, 9% of the crypto asset investors, which was almost 50,000 people in the province, spent above $9,999 buying cryptocurrencies. The relatively small sums being spent were attributed to caution.
The survey concluded
“The results of this survey indicate that the vast majority of Ontarians are approaching cryptoassets with caution. Only a small percentage own cryptoassets, and those who do own them tend not to spend substantial sums of money acquiring them,”
A large percentage of the investments were made using cash savings. Some also borrowed money or used credit cards, and it is estimated that over two-thirds of them have fully repaid the loans.
Another feature do the survey was that 1.5% of Ontarians have taken part in an initial coin offerings (ICOs), translating to around 170,000 people. The mediums or channels which were used to approach these ICO investors included email, online ads, friends and family, as well as social media.
To acquire crypto assets, various techniques were used by Ontarians. About 46% of the respondents indicated that they had acquired their crypto holdings from trading platforms while 28% had mined them. Around 19% acquired the crypto assets from a cryptocurrency ATM, while 18% received them at no cost through airdrops, for instance. Another 18% got the crypto asset as a payment for goods or services, while 16% acquired them through an initial coin offering.
Interestingly, Ontarians used trading platforms based in the United States more than those headquartered in their home country, with 48% of the province’s residents patronizing U.S. platforms. Around 32% of Ontarians used trading platforms based in Canada, with platforms in the United Kingdom and Hong Kong nearly as popular.
Also Read: Latest Survey Shows 1 in 10 Canadians Will Invest in Cryptocurrencies This Year
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