A recent study investigating the investments habits of Canadians found that 40% of Ontario’s resident investors have sold their cryptocurrency holdings.
40% of Ontario Investors Have Sold their Crypto Holdings
The study put out by the Ontario Securities Commission (OSC) was conducted to measure the habits of those invested in cryptocurrency as well the level of understanding those who invest have of the nascent market.
The study which focused on the 14 million person population of Ontario province (over 38% of the countrys overall population) found that just 5% of its residents or about a half of a million adults over the age of 18 are invested in the cryptocurrency market. While 4% in the province had once owned but have now sold off their crypto holdings.
The survey found that the demographic most likely to be invested in cryptocurrencies are males between the ages of 18 and 34 of which 14% currently own some type of digital asset.
Overall the study found that Canadians tend to be cautious in their investing habits when it comes to the crypto world. For instance, less than 9% or only about 50,000 people have invested more than CD$9,999 in their digital portfolio. While 90% spent less than $10,000 and 50% less than $1,000.
Though ICOs have had a record-breaking year in all respects Canadians, according to this study, have barely bought in. Only 1.5%, or 170,000 people have taken part in any initial coin offerings. This low-interest level may be explained by a general low level of knowledge regarding cryptocurrencies. Most of the participants were unable to describe the way in which cryptocurrency or the blockchain technology that powers them works.
Overall Canadians Showed Cautious Investment Habits
While 81% surveyed had heard of Bitcoin and 25% Bitcoin Cash only 13% knew of Litecoin and only 11% recognized the second largest cryptocurrency, Ethereum. Perhaps most interesting in the survey was the variety of ways in which the respondents had obtained their crypto holdings. Though 46% had acquired them in the traditional way from exchanges, 28% mined their own. 18% received their holdings free through air drops and another 18% got theirs in exchange for goods or services.
As most of the participants said that they had used cash savings to acquire their cryptocurrencies, a small group borrowed or used credit cards of whom two-thirds have already paid off that debt. The studies final conclusion reads:
“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,” concluded the survey.”
Image from Shutterstock