2024

Bitcoin

April

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<h4><strong>A new survey by KPMG shows that Canadian institutional investors increased their exposure to cryptocurrencies in 2023. The accounting firm notes that about 40% of investors claim to have had exposure to crypto assets in 2023. </strong></h4>
<p>This was an increase from the 31% recorded in KPMG’s 2021 report.</p>
<h5><strong>Canadian Crypto Investments Up in 2023</strong></h5>
<p>The <a href="https://kpmg.com/ca/en/home/media/press-releases/2024/04/institutional-adoption-of-cryptoassets-jumped-in-2023.html" target="_blank" rel="noopener noreferrer nofollow">report</a> shows that Canadian investors have once again warmed up to cryptocurrencies following the 2022 bear market. Some of the respondents to the survey include hedge funds, families, venture capital firms, private equity, etc. KPMG reportedly received 65 responses to its survey.</p>
<p>About 31 of the respondents managed over $500 million in assets. The report also notes that investors now allocate 10% of their portfolios to crypto assets. These figures tally with the global change in perception of cryptocurrencies.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The crypto landscape is evolving rapidly. Explore the latest trends and projections for 2024 in KPMG in Canada's insightful report on cryptoasset adoption.</p>
 <p>Read more: <a href="https://t.co/QWrGdRtFTj" rel="noopener noreferrer nofollow">https://t.co/QWrGdRtFTj</a> <a href="https://t.co/X4BGKkG6oT" rel="noopener noreferrer nofollow">pic.twitter.com/X4BGKkG6oT</a></p>
 <p>— KPMG Canada (@KPMG_Canada) <a href="https://twitter.com/KPMG_Canada/status/1783209386137014676?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h5><strong>Why the recent interest in crypto?</strong></h5>
<p>Kunal Bhasin, a KPMG representative said in a statement: Rising U.S. debt combined with increasing inflation likely provided a catalyst for the crypto rally of 2023, and it appears investors are looking for alternative asset classes that act as a debasement hedge and a reliable store of value.”</p>
<p>Bhasin added that “our survey findings suggest crypto assets are increasingly seen as an investable alternative asset class among such institutional investors and financial services organizations in Canada.”</p>
<p>The <a href="https://kpmg.com/ca/en/home/media/press-releases/2024/04/institutional-adoption-of-cryptoassets-jumped-in-2023.html" target="_blank" rel="noopener noreferrer nofollow">report</a> also notes that there’s an increase in crypto derivatives. About 42% of institutions reported being exposed to these products in 2023, an increase from the 14% recorded in 2021. Canada has emerged as one of the newest hubs of crypto activities.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Cryptocurrency-focused service providers in Canada will face stricter regulatory mandates after new laws were introduced in the nation’s 2024 federal budget, announced on April 16. Crypto service providers, like exchanges and brokers, must comply with new reporting rules, <a href="https://t.co/5JJaFQu3VV" rel="noopener noreferrer nofollow">pic.twitter.com/5JJaFQu3VV</a></p>
 <p>— Trade Markets EU (@TradeMarketsEu) <a href="https://twitter.com/TradeMarketsEu/status/1783128694837399797?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Several crypto companies and investors <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/3-potential-100x-altcoins-after-the-bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">moved</a> their operations to Canada following the hostilities in the US. Kareem Sadek, a co-leader of KPMG’s Digital Assets practice explained that “Canada has played a leading role in creating a regulatory environment that supports innovation in crypto assets.”</p>
<p>Sadek added that “those actions, along with rising prices for crypto assets, are likely reasons&nbsp;institutional investors have been increasingly attracted to the crypto space.”</p>
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<h5><strong>Disclaimer</strong></h5>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/kpmg-canadian-crypto-investment-rises-in-2023/" rel="noopener noreferrer nofollow">KPMG: Canadian Crypto Investment Rises in 2023</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

KPMG: Canadian Crypto Investment Rises in 2023

Altcoin Buzz

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