Half a million Ontarians have bought cryptos
The Investor Office of the Ontario Securities Commission (OSC) claims 500,000 Ontarians – around 5% of its overall population – have bought into virtual currencies.
The OSC says the biggest crypto demographic is Canadian men aged 18-24. For the most part, cryptoasset owners have not spent substantial amounts of money “with half spending under $1,000, and 90% spending under $10,000″.
However, 9% of cryptoasset owners—translating to about 50,000 Ontarians— reported spending $10,000 or more acquiring cryptoassets,” the report noted.
While many consumers have dived into cryptos for speculation purposes, the OSC stated some cryptoasset buyers are simply increasingly skeptical of traditional financial services and seek alternatives. Many start-ups and other businesses are using cryptoassets to raise capital, it added.
18-24s are clear crypto supporters
Ontarians aged 18 or older, including 1,506 men aged 18-34, were a major chunk of the survey. “This group was over-sampled because of its higher expected propensity, based on prior research, to own cryptoassets compared to the rest of the public.” The total sample was 2,667.
The survey was undertaken between March 14-22, 2018. “Out of those who reported buying cryptoassets on credit, 70% report that they have paid back the full amount owed, with a further 27% reporting that they have paid some of the money back,” the OSC added.