"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," said Kunal Bhasin, partner and co-leader of KPMG in Canada's Digital Assets practice.
The most notable increase was seen in institutional investor holdings of cryptocurrencies, which rose to 75 percent in 2023 from 29 percent two years earlier.
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