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Americans More Interested in Crypto Than Canadians, Poll Finds

Americans consistently outnumber their northern neighbors regarding interest in using and investing in cryptocurrencies, according to a recent Ipsos survey. The results show that 24% of Americans would use crypto to purchase goods and services, versus just 18% of Canadians.

Underwhelming Canadian Interest

As reported by Bloomberg, Americans are also more likely to take advantage of technology in more sophisticated ways. These include avoiding cross-border banking fees (19%; 14%) sending remittances (14%; 11%) and sheltering their wealth from taxes (17%; 11%).

The results may be surprising given Canada’s relatively welcoming regulatory environment for crypto investing. It was the first country on Earth to approve a spot Bitcoin ETF, alongside other creative variations of the product. Its also been far faster than the SEC to give industry marketers regulatory clarity, to avoid getting into legal trouble.

That said, regulatory approval doesn’t mean public acceptance. Conversely, it’s possible that crypto may have developed a bad rap in Canada after last year’s freedom convoy protests. The protests, with which much of the population disagreed, received support through Bitcoin donations even after the government bank freezings.

Regardless of the reason, this may mean that Prime Minister hopeful Pierre Poilievre has misplaced some of his campaign priorities. The candidate for conservative leadership has repeatedly catered to crypto lovers with promises to make Canada the “blockchain capital of the world”.

“He is preaching to a relatively small choir on this topic,” said Sean Simpson of Ipsos on the matter.

The Youth Love Crypto

That said, the results showed a heightened interest in using cryptocurrencies among younger generations across the world. In both countries, over 25% of adults are “somewhat likely” to make a purchase using crypto next year. Meanwhile, 22% of Canadians between 35 and 49, and 6% from 50 to 74, are ready to do follow suite.

Eric Jardine of Virginia Tech and part of the research team, believes young people see crypto as an economic opportunity.

“Cryptocurrencies offer a message of hope and economic inclusion to those who feel the current system is somewhat rigged against them,” she said. “This may be why Mr. Poilievre is using the issue to reach out to younger voters.”

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The survey included 14,000 internet respondents from over 20 other countries, including Germany, Mexico, Japan, Kenya and others. Notably, the proportions were reportedly similar in European countries, but “significantly lower” than those in Latin America and Africa.

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