A research done in Canada’s Ontario province has given some understanding of cryptocurrency investing patterns in the area including the opinions of financial investors and their understanding of the emerging technology.
The survey which was conducted by the Ontario Securities Commission’s Investor Office disclosed that at present, 5 percent if Ontarians or about half a million residents of the region have crypto assets. Presently, the population of Ontario is approximately above 14 million (more than 38 percent of Canada’s population). At the same time, there is another 4 percent of the Ontario population that previously owned crypt assets, but this is not the case at the time of the research.
According to the findings, which was done in Canada’s most populous province in March this year, young people aged between 18 and 34 were the group to possibly own cryptocurrencies, with 14 percent of them having a crypto asset.
A large number of Ontarians who invested in crypto assets vastly spent small amounts to buy cryptocurrencies. Approximately 50 percent spent less than $1,000 on purchasing cryptocurrencies, while 90 percent spent less than $10,000. At the same time, about 9 percent of the crypto asset investors, which is about 50,000 people in the region, spent more than $9,999 purchasing cryptocurrencies. The rather small sums being spent were as a result of concern.
“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.
A large number of the investments were done using cash savings. Some used loans or used credit cards, and it is projected that more than two-thirds of them have completely repaid the loans.
The study also found out that about 1.5 percent of Ontarians have participated in an initial coin offering (ICOs), resulting in about 170,000 people. The channels which were used to reach these ICO investors included email, online ads, friends, and family, including social media.
To purchase crypto assets, many techniques were used by Ontarians. An estimated 46 percent of the respondents revealed that they have bought their crypto holdings from trading platforms while 28 percent had them mined. About 19 percent got the crypto assets from cryptocurrency ATM, and 18 percent got them at o cost through airdrops. Another 18 percent received the crypto asset as a payment for goods and services, while 16 percent received them through an initial coin offering.
Remarkably, Ontarians used trading platforms based in the United States more compared to those based in their home country, with 48 percent of the province’s residents patronizing U.S. trading platforms. About 32 percent of Ontarians sued trading platforms based in Canada, with platforms in the United Kingdom and Hong Kong just as much.