Although much hesitancy about crypto still remains, 67% of Canadians prefer to get paid in cryptocurrencies by 2027.
Receiving crypto payments is gaining popularity in Canada. A recent Capterra survey of 1,008 Canadian respondents over 18 years old revealed that 67% of the participants are interested in being paid in crypto by 2027.
The surveyors also found that one out of four participants already own crypto, with 58% starting their crypto journey during the pandemic lockdowns when they had more time to do research and learn about digital assets. Of the respondents, 37% said that they are planning to buy crypto soon.
Among the respondents who used crypto, the researchers found that Bitcoin (BTC) and Ether (ETH) are still the most popular. Apart from BTC and ETH, Dogecoin (DOGE), Litecoin (LTC) and Cardano (ADA) are among the most-used assets:
- Bitcoin (81%)
- Ethereum (48%)
- Dogecoin (28%)
- Litecoin (18%)
- Cardano (18%)
The survey results also showed that crypto use is more prevalent in younger demographics. Among the crypto owners, 34% are between 18 and 22 while 41% are between 23 and 35.
Many Canadians hesitant to use crypto
While many are positive about crypto use, others are more hesitant. The study identified barriers that are keeping non-crypto users from using digital assets. According to the survey, 64% are held back by their lack of knowledge in crypto, 44% expressed fears of crypto disappearing, and 40% cited market fluctuations.
Study analyst Tessa Anaya said that, while interest is growing, the future remains unclear. “While ideas like a blockchain-dependent economy and the introduction of Web3 may be gaining popularity quickly, the reality is that the future of crypto in Canada remains uncertain,” she stated.
Meanwhile, research involving nine markets, including the United States and Canada, shows that small and mid-size businesses are planning to accept crypto payments.