Crypto investors in advanced economies love CEXs and disregard white papers: Survey

While Canadians were the most likely to hold a lot of crypto on average, it seems the true crypto degens are in the US and particularly the UK


cdd20/Unsplash modified by Blockworks


Over 65% of people surveyed in Canada, the UK and the US said their crypto holdings are a “long-term investment,” according to a study released on Tuesday by fintech company Broadridge.

The study took into account the attitudes of 2,000 “crypto market participants” from March to June 2023. Its findings suggest that there is a contingent of people in advanced economies who are in it for the long haul and aren’t simply speculators. 

Bitcoin, the world’s largest and oldest cryptocurrency, was the most popular asset among the participants’ portfolios with over 70% holding it. Just shy of 70% of respondents held non-bitcoin cryptocurrencies, and considerably fewer people — around 25% — held stablecoins. 

Consistent with the buy and hold method many traditional stock investors employ, respondents paid more attention to “financials, risk and security, and information about the management team” instead of native crypto metrics such as tokenomics and network activity. 

The researchers partly chalked this up to the novelty of crypto assets, but concluded that the respondents were underappreciating elements such as token supply, major holders of the token, and governance when it comes to their investing strategy. 

In fact, one of the most valuable ways to gain insight into crypto projects — their white paper — was the least accessed source of information among the participants, at just over 20%. 

Crypto websites were the preferred source to gather information about crypto projects for nearly 40%, and even social media — i.e. crypto Twitter — was more of a go-to at around 26%.

And as much as the need for decentralization is a dominant narrative on crypto Twitter, survey results show that slightly more than 50% of people hold crypto on CEXs rather than in user-controlled wallets.

In terms of country-specific observations, one thing was clear. Canadians were the most likely to hold a significant portion of their wealth in crypto. The average Canadian surveyed held over 36% of their assets in some form of crypto. 

But the real crypto degens, who hold over 50% of their assets in crypto, were way more likely to be Americans or Brits. In fact, more than a tenth of UK respondents said 76% or more of their assets were held in crypto.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume