🚀Buckle up, Bitcoin enthusiasts! A recent survey by KPMG reveals a significant increase in cryptocurrency exposure among institutional investors in Canada. 🇨🇦 In 2023, 39% of these investors reported having direct or indirect exposure to crypto assets, a jump from 31% in 2021. 📈

💼Half of the financial services respondents confirmed offering crypto asset services in 2023, up from 41% in 2021. One-third of institutional investors allocated 10% or more of their portfolios to crypto assets, a rise from a fifth two years ago. 📊

🔍The survey identified several reasons for this surge, including a maturing market, improved custody infrastructure, and increased client demand. Kunal Bhasin, a partner at KPMG Canada, noted that firms are exploring investments in alternative asset classes as hedges against debasement and as reliable stores of value. 💰

🌐Canada has emerged as a crypto hub, with many crypto companies relocating their operations due to heavy regulatory crackdowns in the US. Coinbase expanded its presence to the Canadian West Coast, praising the country's "regulation by engagement" approach. 🏦

🎉The approval of spot Bitcoin and Ethereum ETFs in Canada in February 2021 played a significant role in attracting local investors. The recent approval of spot Bitcoin ETFs in the US was a "milestone moment" for many market participants in Canada. 🎯

📝The report revealed that half of the institutional investors surveyed have exposure to crypto assets through Canadian ETFs or other regulated products. 58% have exposure through the stock market, an increase from 36% in 2021. More investors are gaining exposure through derivatives markets, now at 42% compared to 14% in 2021. 🚁

🔮So, what's the takeaway? The future of Bitcoin in Canada looks bright! 🌞