Canada Overtakes U.S. in Percentage of Cryptocurrency Investors

The US has long been labeled as the “most crypto-ready” nation in the world and as the country most prepared to adopt digital assets. However, CryptoPotato reports that surveys have shown that Canada could overtake the U.S. in terms of cryptocurrency investors in the near future.

In fact, close to 3 out of every 10 Canadians are already investing in crypto such as Bitcoin and Ethereum. This is a considerable jump compared to the U.S., with a ratio of only 1 out of 10 Americans involved in crypto investments. These rising numbers can be attributed to younger generations of Canadian investors looking for new ways to make money, especially during the pandemic.

Canadian Crypto Interest in Numbers

Marketwatch explains that the mainstream spotlight in America is still on stocks. In the past year, 24% of Americans bought or sold stocks, and only 13% were buying and selling cryptocurrencies. In the U.S., the average age of a crypto investor is 38, compared to 47 for stock market investors.

In Canada’s case, investors aged 25 and 44 are more open to investing in cryptocurrencies and diversifying their portfolios. While polls show that 85% and 75% of the participants have exposure to Bitcoin and Ethereum respectively, there is also a growing interest in “meme stocks” such as Cineplex and Gamestop. In fact, 30% of the participants in the aforementioned survey have already tried investing in them.

In addition to this, 20,783 out of 100,000 Canadians have Googled “crypto” over the past year. This shows a 213% increase in interest just over the last 12 months alone. The U.S., on the other hand, falls behind with only 14,796 queries. It is also important to note that Canada is only second to the U.S. in terms of having the highest number of crypto ATMs.

Crypto Investments: The Next Big Thing in Canada

There are several factors that drove Canadian investors towards cryptocurrencies. It is easy to invest in. For instance, to buy Bitcoin in Canada, you simply have to sign up to an account on a crypto trading platform or an online exchange, transfer money to your account, and begin trading. So long as you guard your exchanges, or opt for investing through a mutual fund, investing can be relatively safe and secure.

Moreover, the Bank of Canada expressed interest in expanding research on Bitcoin and other digital currencies as well as modernizing payment systems. Although they acknowledged that cash will continue to prove reliable and beneficial in cases of power outages or cyber attacks, the Bank of Canada will continue to explore options and experiment with blockchain projects moving forward.

Finally, the global pandemic became one of the biggest contributors to the surge in Canadians investing in cryptocurrency. A whopping $1.3 billion CAD was invested into crypto assets in April of this year, according to the National Bank of Canada ETF Flows. And with economic uncertainty still a major factor due to the pandemic, investors are looking for more innovative methods to grow their money.

There’s also the increase in institutional adoption and interest from bigger investors, hedge funds, and big players in the industry that’s worth considering. The surge in investments is certainly improving crypto’s credibility and demand. This goes to show that when it comes to cryptocurrency investments, Canada won’t be getting left behind the U.S. anytime soon as the country looks to bring about widespread adoption among Canadian citizens as we embrace a new dawn of digital currencies.