40 Percent of Ontario Cryptocurrency Investors Sold Their Coins
A survey conducted in Canada’s Ontario province has sought to shed light on cryptocurrency investing habits in the region as well as the views of financial consumers and their understanding of the nascent technology.
The study, which was compiled by the Ontario Securities Commission’s Investor Office, revealed that at the moment 5% of Ontarians, or around half a million residence of the province, hold crypto assets. Currently, the population of Ontario is estimated to be more than 14 million (over 38% of Canada’s population). At the same time, there is another 4% of the Ontario population that used to own crypto assets, though that was no longer the case at the time of the survey.
Per the survey, which was conducted in Canada’s most populous province in March this year, millennial males aged between 18 and 34 were the demographic most likely to own cryptocurrencies, with 14% of them owning a crypto asset.
Treading With Caution
Most of the Ontarians who invested in crypto assets largely spent small amounts to purchase cryptocurrencies. About 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.
A large percentage of the investments were made using cash savings. Some also borrowed money or used credit cards, and it is estimated that over two-thirds of them have fully repaid the loans.
Credit – CCN