Study Shows That 500,000 Ontarians Own Cryptos
A recent survey conducted by The Investor Office of the Ontario Securities Commission (OSC) revealed that 2,500 residents in Ontario to better understand the city’s overall sentiments regarding cryptocurrencies.
The study showed that nearly 500,000 people in Ontario – roughly 5 percent of the city’s population – currently own crypto assets. The study also researches why these citizens actually acquired these assets.
46 percent said that they bought the digital assets due to their interest in the technology they are based on. 18 percent even admitted the potential blockchain has to prevent fraud and loss.
The 42 percent of the crypto-owners just purchased the assets to get a quick return on their investment. 1 in 4 Ontarians acquired cryptocurrencies with the intent of making anonymous payments, while 12 percent stated their concern regarding the lack of trust in traditional financial institutions.
How Much Have Ontarians Invested?
The study also revealed that the general sums of money that people were investing in cryptos. 38 percent of participants spent under $1,000, while 25 percent invested in between $1,000 and $5,000. Those that spend more were notably less, with only 5 percent investing between $10,000 and $20,000 and 4 percent spending over $20,000.
Over half of the investors used their personal savings to acquire their cryptocurrencies and 26 percent bought them with their credit cards. However, 70 percent of the participants said that they have been able to completely get back their investments, while just about 27 percent still haven’t recovered financially.
Those who participated in the survey had some knowledge of Bitcoin, and 81 percent said that they knew of it. Bitcoin Cash was in second place but just one in four said they’ve heard of it. Litecoin and Ether were next, with 13 and 11 percent respectively.
Just 34 percent of the surveyed people seemed to have some knowledge of the basic details regarding Bitcoin. Those interviewed were given six basic statements about bitcoin and only 3 percent succeeded in getting the answers right.
One of the statements used was “Bitcoin is backed by the government.” Half of those surveyed believed that Bitcoin was actually government-backed.
How About ICOs?
The study also revealed that nearly 170,000 people in Ontario contributed at least one in an Initial Coin Offering (ICO). Additional details showcase that they were much more concerned if the purchased tokens could be traded or sold (68%) rather than if the ICO was regulated (29%).
Nearly 40 percent said that they heard about ICOs via social media. The survey results show that a considerable number of people have manifested their interest towards cryptocurrency- related matters. However, it also reveals that retail investors in the space are still very uninformed about the crypto environment to make educated investment decisions.