Canada has struggled in recent years due to a moribund economy, high taxes, and expensive housing. While political changes are just down the road, for most people a change in government cannot come soon enough.
Perhaps in response to a challenging economic environment, Canadians are turning more to crypto. According to a report shared by HelloSafe, a Canadian financial comparison website, crypto adoption has boomed by 225% in the past five years. While a relatively small country by population, the report states, “between 2019 and 2024, almost 4 million Canadians converted to cryptocurrency.”
The percentage increase arrives following just 4% holding crypto in 2019, with the percentage rising to 13% in 2024. Canada and Germany experienced a similar increase in digital asset investing during the same period.
In comparison, the US went from 5% to 16%, or an increase of 220 %.
In Europe, France saw an increase of over 3.3 million crypto investors to 5.9 million individuals.
The UK saw its number of holders increase by almost 4.8 million, while the Netherlands and Belgium added 1.1 million and 962,000 holders, respectively.
The largest absolute increase in crypto holders has occurred in developing countries as India experienced an increase of205 million), Indonesia 56 million and Nigeria 48.5 million.
As the regulatory environment evolves and the US picks up its pace of adoption, these numbers could experience more dramatic growth.