Bitcoin and Ethereum are the most popular cryptocurrencies, with over 30% Canadians investing in them.
As shown in a recent research, Canadians like investing in digital assets. However, most residents are concerned about their cryptocurrency of investments, with only 5 percent of them believing it is a viable choice.
‘Meme Stocks’ and Crypto
The start-up in fintech – Hardbacon – performed a poll among Canadian people to evaluate the country’s crypto attitude. According to the findings, 28 percent of those polled said they had already acquired virtual currencies.
When it comes to Bitcoin, 85 percent do have engagement, and 75 percent have some Ether.
While the proportion may appear high, the majority of Canadians do not believe trading with digital currencies to be a safe option, with just 5 percent responding in the negative.
Investing in stocks is much more safer, according to 21 percent, while bond yields are the safest alternative, according to 65 percent.
Investing in “meme stocks” such as AMC, and GameStop is a rising trend among Canadians, with 13.3 percent admitting to diversifying their holdings with these kind of stocks.
Once it came to age, the study found that individuals between the ages of 25 and 44 are more receptive to the notion of dealing with meme stocks, with 30 percent already doing so.
However, Hardbacon cautioned that acquiring these shares might be hazardous because their values are frequently driven by social media and hence could be very unpredictable.
Canadians Have Begun to Show Interest in Cryptocurrency
From another recent study, inhabitants of the world’s 2nd largest country by territory have increased their interest in virtual assets substantially in the previous year.
According to the statistics, 20,783 Canadians out of 100,000 reported, had searched on browsers “crypto” in the last year.
Although the figure appears low, it represents a 213 percent rise in attention in one year. In fact, the United States, which is rated as the most cryptocurrency accepting nation, also has 14,796 such inquiries on Google.
It is important to note that Canada does have the 2nd highest amount of cryptocurrency ATMs ( notably 1,464), trailing the United States. According to the calculations, there is one of these units for every 26,265 individuals.
Given the nation’s vastness, there is one cryptocurrency ATM per every 2.633 square miles. The United States placed top with 17,436 units, but Hong Kong had the largest concentration.
