1 in 10 Canadians Plan on Buying Cryptocurrencies This Year, Survey Shows

Canadians are certainly eager to dive into the cryptocurrency space–at least according to a survey conducted by Caddle.

The survey, which was conducted in January, polled 10,000 Canadians from all across the country, with the bulk of respondents  (53.8 percent) born between the years 1978-1996. One of the primary purposes of the survey was to understand what stance Canadians took as it relates to cryptocurrencies.

“There’s a lot of buzz going around with cryptocurrencies, and a lot of things being covered in the news, so [Caddle] wanted to find out what Canadians thought about cryptocurrencies,” Ransom Hawley, CEO of Caddle said in an interview with the Investing News Network (INN).

Caddle, which launched in 2015, is a mobile app that consumers are able to download that enables customers to save money on groceries, eating out, or shopping–to name a few–by answering surveys, watching ads and writing reviews. The company has also recently expanded its reach to businesses to enlist to further attract consumers.

Hawley said another for conducting the survey was to evaluate whether or not adding cryptocurrencies to its platform to reward consumers is a worthwhile endeavour, which found that the thirds of the respondents said they would like to see companies–like Caddle–expand loyalty programs by adding cryptocurrencies as a reward for their purchases.

“This survey highlighted that one in 10 Canadians, in the next six months, plan on buying [cryptocurrencies],” Hawley continued. “In 12 months, a third of Canadians [surveyed] plan on buying cryptocurrencies, which is mind blowing.”

That being said, Hawley acknowledged that the survey was conducted in the “heat of the moment” earlier this year, and may look to do a refresh of the poll by the summer.

“Even if the numbers drop by a third or 50 percent, it’s still a large portion of Canadians that are saying, ‘yeah, I’ll buy [cryptocurrencies]’,” he said.

Indeed, top-heavy cryptocurrencies have certainly been volatile this year, although they’re still putting up big returns for crypto investors. As of 6:38 p.m. EST on Wednesday (April 18) cryptocurrency leader bitcoin was priced at $8,187.45, representing a 3.39 percent increase over a 24 hour period, according to Coinmarketcap.com, while ethereum increased 3.67 percent to $522.67.

Meanwhile, Ripple was $0.71 with a 8.49 percent increase, bitcoin cash was at $875.18, representing a 15.10 percent increase, and litecoin at $139.66, or a 4.42 percent increase, all during a 24 hour period, to round out the five top cryptocurrencies.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.