The accounting firm KPMG has observed a trend of investors turning to cryptocurrency as a way to protect themselves from the devaluation of fiat currencies by central banks. The study conducted in Canada has shown that in 2023, half of financial service providers in the country offered crypto asset services, up from 41% in 2021.

Moreover, the research revealed that 39% of Canadian institutional investors had exposure to crypto in 2023, showing a growth from 31% in 2021. According to Kareem Sadek, one of the leaders at KPMG, Canadian institutional investors are increasingly accepting crypto due to regulatory support and the rise in crypto asset prices.

Kunal Bhasin, another leader at KPMG in Canada, mentioned that institutions are considering crypto assets as a way to shield themselves from fiat debasement. The increasing US debt and inflation have contributed to the interest in crypto as an alternative investment class among institutional investors and financial service organizations in Canada.