A study conducted in March this year in Ontario, Canada and compiled by the Ontario Securities Commission`s Investor Office has disclosed that presently 5% of Ontario residents which translates into approximately half a million residence of the province, hold crypto assets. The Present population of Ontario is estimated to be well over 14 million. The study also revealed that another 4% of Ontarians once owned crypto assets, despite the fact that they longer owned crypto assets as at the time of the survey.
The survey showed that millennial males aged between 18 and 34 were the population age range most likely to own cryptocurrencies, with 14% of them owning a crypto asset. A significant number of Ontarians who invested in crypto assets for the most part spent small amounts to purchase cryptocurrencies. Approximately 50% spent less than $1,000 on buying cryptocurrencies, while 90% spent under $10,000. On the other hand around, 9% of the crypto asset investors, which was almost 50,000 people in the province, spent above $9,999 buying cryptocurrencies. The relatively small sums being spent were attributed to caution.
“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.
The study revealed that only 60% of cryptocurrency investors in Ontario are continuing to HODL their funds. Approximately 1.5% of Ontarians have taken part in an initial coin offerings (ICOs), translating to around 170,000 people. The mediums or channels which were used to approach these ICO investors included email, online ads, friends and family, as well as social media.
In other to acquire crypto assets, various techniques were used by Ontarians. About 46% of the respondents indicated that they had acquired their crypto holdings from trading platforms while 28% had mined them. Around 19% acquired the crypto assets from a cryptocurrency ATM, while 18% received them at no cost through airdrops, for instance. Another 18% got the crypto asset as a payment for goods or services, while 16% acquired them through an initial coin offering.
The survey also revealed that Ontarians used United States based-trading platforms more than those headquartered in their home country, with 48% of the province’s residents patronizing U.S. platforms. Approximately 32% of Ontarians used trading platforms based in Canada, with platforms in the United Kingdom and Hong Kong nearly as popular.
The study also disclosed that even though Ontarians were familiar with cryptocurrencies, they were unable to proffer detailed explanations regarding the virtual currencies. An overwhelmingly significant number of Ontarians had heard about was bitcoin, with 81% stating they were aware of it. Bitcoin cash came in a distant second with 25% awareness. The population that was aware of Litecoin was 13%, while Ethereum — despite being the second-largest cryptocurrency — enjoyed just an 11% awareness level.
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