In 2023, there was a significant increase in the use of cryptocurrencies within the Canadian financial industry based on the 39% of participants in a KPMG survey who reported having involvement with crypto, either directly or indirectly.
The world of cryptocurrencies is constantly changing at a fast pace. Check out the newest developments and forecasts for 2024 in an enlightening report by KPMG Canada on the increasing use of cryptoassets. [Read the full article here.](link-to-article)
— KPMG Canada (@KPMG_Canada) April 24, 2024
In 2022, there was a noteworthy rise in the proportion of financial institutions offering crypto services, increasing from 18% in the previous year to 22%. Approximately half (50%) of these institutions now provide at least one crypto-related service, which was previously offered by only 41%. The most significant shift occurred in the provision of crypto trading services, jumping from nonexistent (0%) in 2021 to a noteworthy 52% among the firms.
The involvement of institutional investors surged by 26%, resulting in a significant increase, with 75% now holding crypto in their investment portfolios. This represents a substantial rise from the previous figure of 29%, indicating a considerable direct ownership of digital assets.
Kunal Bhasin from KPMG predicted that in 2023, crypto would focus on healing and rebuilding investor trust despite a difficult economic situation. The approval of Bitcoin and Ethereum ETFs by Canada contributed significantly to this progress.
The survey uncovered a trend towards adopting multi-asset approaches, stemming from institutional investors’ increasing focus on diversification. Notably, one-third of these investors now hold 10% or more of their portfolios in crypto, marking a significant uptick from last year’s figure of 20%.
Kareem Sadek predicts that cryptocurrency growth will continue, attributing this trend to the approval of Ethereum ETFs and the US SEC’s decision to allow spot Bitcoin ETFs. Consequently, investing in crypto could prove lucrative by 2024.
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2024-04-25 09:08