Fewer Canadians are interested in owning crypto assets, and fewer financial advisors are recommending them, according to a new poll from the Ontario Securities Commission (OSC).
The survey of 2,360 Canadians, conducted in May and June of this year, found that 10% of all Canadians own crypto assets. That’s down from 13% in 2022.
Of the survey respondents who work with a financial advisor, only 19% said crypto assets were recommended to them, down from 21% last year. Nearly 4 out of 5 (79%) said crypto assets were either not discussed or actively discouraged as an investment. That’s down from 74% last year.
Crypto asset’s volatility was a main factor in deterring Canadians from investing in them. Nearly half of those who do not own crypto assets said the investment was too risky. Four in 10 said crypto prices are too volatile.
The price of Bitcoin, one of the world’s most popular cryptocurrencies, soared during the pandemic crypto boom, from around $20,000 in November 2020 to over $80,000 in November 2021 before falling back to around $22,000 in November 2023 and trading for $51,000 this week.
People who own or have owned crypto assets are also more likely to regret their purchase, the survey found. This year, 34% of owners regretted buying crypto assets, up from 26% last year.