Nearly one-third of Canadians have entered the cryptocurrency market, with Bitcoin and Ethereum being the most popular assets.
According to a recent study, almost every third Canadian has allocated some funds in digital assets. Nonetheless, most locals have concerns about their crypto investment since only 5% of them find it a safe strategy.
Cryptocurrencies and ‘Meme Stocks’ in Canada
The financial technology start-up – Hardbacon – conducted a survey among Canadian adults to estimate the cryptocurrency sentiment in the country. Per the results, 28% of the participants answered they have indeed purchased digital assets. Taking a closer look, 85% have exposure to Bitcoin, and 75% have some to Ethereum.
While the percentage might seem high, most Canadians do not consider investing in virtual currencies as a safe strategy since just 5% of the people answered the opposite. 21% believe buying stocks is more secure, while 65% pointed out government bonds are the safest option.
Interestingly, investing in “meme stocks” such as Cineplex, AMC, and GameStop is a growing trend among Canadian citizens, as 13.3% of the participants admitted they had diversified their portfolio with such. When it came down to age, the poll concluded that those between 25 and 44 years old are more open to the idea of investing in meme stocks as 30% of them have already done that.
Hardbacon warned, though, that purchasing these shares could be quite risky as their prices are often fueled by social media and thus could be highly volatile.
Canadians Started Showing Crypto Enthusiasm
According to another recent research, the residents of the second-biggest country by landmass have significantly boosted their interest in digital assets in the last year.
Per the data, 20,783 out of 100,000 Canadians have googled “crypto” over the past 12 months. Even though the number might seem small, it still represented an increased interest of 213% in a year. As a matter of fact, the USA – ranked as the most crypto-ready country – falls behind with 14,796 such queries on the world’s largest search engine.
It is worth noting that Canada has one of the highest number of crypto ATMs – 1,464 – second only to the States. Doing the maths, there is one such machine for every 26,265 people. Keeping in mind the country’s huge size, there is one crypto ATM in every 2.633 square miles. The USA undisputedly ranked first with its 17,436 machines, while the largest density is in Hong Kong.