Canadians less likely to use, invest in cryptocurrency than Americans, poll suggests

Just 24 per cent of Americans and 17 per cent of Canadians said they're likely to invest in Bitcoin and alternatives as a short-term investment.

Canadians are less likely than Americans to use or invest in cryptocurrencies, says a new survey released Tuesday.

The Ipsos survey conducted as part of larger social sciences and humanities funded research project says 24 per cent of Americans would use Bitcoin or other cryptocurrencies to purchase goods and services, compared with 18 per cent of Canadians.

Americans would also be more likely than Canadians to use cryptocurrencies to avoid cross-border banking fees (19 per cent vs 14 per cent), shelter their wealth from taxes (17 per cent vs 11 per cent), and to send remittances across national borders (14 per cent vs 11 per cent).

The proportions are similar to those polled in Europe, but significantly lower than those in Latin America, Asia-Pacific, the Middle East and Africa.

Globally, 35 per cent of internet users surveyed, but just 24 per cent of Americans and 17 per cent of Canadians, said they’re likely to invest in Bitcoin and alternatives as a short-term investment.

“Given the big differences in attitudes between Canadians and Americans towards cryptocurrencies, there may be diminishing political capital in the Canadian population at large for those who want to promote the idea that consumers will use cryptocurrencies instead of the loonie,” stated Fen Hampson, a chancellor’s professor at Carleton University, in a news release.

“However, in the United States, it is a different story.”

Sean Simpson of Ipsos said it is notable that interest is lower in Canada than most countries surveyed given that Conservative leadership hopeful Pierre Poilievre has advocated for cryptocurrencies and their ability to help users “opt out of inflation.”