Receiving payments in cryptocurrencies is generating interest in Canada. A recent Capterra poll of 1,000 Canadian respondents revealed that 67% of participants are interested in receiving cryptocurrency payments in the next five years.
The pollsters also found that one in four participants already own crypto, with 58% starting their crypto journey during the pandemic lockdowns, when they had more time to research and learn about digital assets. 37% of those surveyed said they plan to buy crypto soon.
Among respondents who used crypto, the researchers found that Bitcoin (BTC) and ether (ETH) remain the most popular. In addition to BTC and ETH, Dogecoin (DOGE), Litecoin (LTC) and Cardano (THERE ARE) are among the most widely used assets.
The survey results also showed that crypto use is more prevalent in younger demographics. Among cryptocurrency owners, 34% are between the ages of 18 and 22, while 41% are between the ages of 23 and 35.
While many are positive about the use of crypto, there are others who are more hesitant. The study identified barriers that prevent non-cryptocurrency users from using digital assets. According to the survey, 64% are held back by their lack of knowledge about cryptocurrencies, 44% expressed fears that cryptocurrencies will disappear, and 40% mentioned market fluctuations.
Related: 70% of US Crypto Holders Started Investing in 2021: Report
Study analyst Tessa Anaya said that while interest is growing, the future remains unclear. โWhile ideas such as a blockchain-dependent economy and the introduction of Web3 may be rapidly gaining popularity, the reality is that the future of cryptocurrencies in Canada remains uncertain,โ he stated.
Meanwhile, research involving nine markets, including the United States and Canada, shows that small and medium-sized businesses are plan to accept crypto payments.
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