A new report from the Bank of Canada says more than 30 per cent of Canadians plan to buy cryptocurrencies. Like Bitcoin within the next five years. The report, released Thursday, is based on a survey of 1,800 Canadians between Feb. 15 and March 5. It found that Bitcoin is the most well-known cryptocurrency. With 83 per cent of respondents saying they had heard of it.
If you intend to invest in Bitcoin, you should be aware of the possibility of becoming wealthy through investment in this cryptocurrency.
Are Canadian Consumers Ready For Cryptocurrency?
Cryptocurrency has grown in popularity over recent years. With its growing number of people investing in Bitcoin, Ethereum, and other digital currencies. And now, it seems that Canada is ready to get in on the action.
A new survey from the Canadian Chamber of Digital Commerce found. More than 60% of Canadians. Are interested in purchasing Cryptocurrency in the next five years. That’s a pretty significant number. Especially when you consider that Bitcoin was only created in 2009.
There are a few reasons why Canadians seem to be open to Cryptocurrency. For one, there’s a general mistrust of traditional financial institutions like banks. This mistrust was only amplified during the 2008 financial crisis.
Cryptocurrency also offers a lot of advantages over traditional fiat currency.
What Factors May Influence Canadians Behavior Towards Crypto?
1. Government regulation. The Canadian government has been relatively supportive of cryptocurrencies and blockchain technology. However, it has also cautioned investors about the risks associated with these asset classes.
2. Economic conditions. Cryptocurrencies tend to do well when traditional financial markets are in turmoil. This became clear during the 2008 global financial crisis. When Bitcoin experienced a surge in value as investors sought refuge in alternative assets.
3. Media coverage. Cryptocurrencies have received a lot of media attention over the past few years. This can influence people’s perception of these asset classes. This may affect their investment decisions.
4. Personal finances. Some people may be more inclined to invest in cryptocurrencies. If they have extra money to spare and are looking for ways to grow their wealth. Others may shy away from these assets if they are risk-averse or have limited resources.
The Future of Crypto Regulation in Canada
In Canada, cryptocurrency regulation is overseen by the Canadian Securities Administrators (CSA). The CSA is a joint regulatory body of the country’s provincial and territorial securities regulators. In December 2017, the CSA published a staff notice. It entitled “Cryptocurrency Offerings” which outlined their views on digital tokens and ICOs.
The CSA has stated that digital tokens may be considered securities under Canadian law. As such, any business wishing to issue an ICO or operate a cryptocurrency exchange. In Canada must first obtain approval from the relevant securities regulatory authority. The process for obtaining this approval can be lengthy and expensive.
Despite the challenges posed by regulation. The future of cryptocurrency in Canada looks bright. A recent survey conducted by the Blockchain Research Institute found. That more than 60% of Canadians are interested in buying cryptocurrencies. With increasing interest from both investors and businesses. It is likely that we will see more innovation and development in this space in the years to come.
Crypto trends and announcements in Canada
In recent months, Canada has seen a flurry of activity around cryptocurrencies.
Several Canadian companies have been involved. In major announcements or partnerships in the space. For example, in January 2018, the Toronto Stock Exchange (TSX) announced. It would begin trading a cryptocurrency-based exchange-traded fund (ETF). And in February 2018, one of Canada’s largest banks, the Royal Bank of Canada (RBC), announced. That it was testing a blockchain-based platform for managing international payments.
There are also a number of cryptocurrency exchanges operating in Canada. Which includes Coinsquare and QuadrigaCX. The Canadian government also made an announcement in December 2017. That it would invest up to $50 million CAD in a blockchain research institute based in Toronto.
All this activity is likely to continue in 2018 and beyond. As more and more businesses explore the potential of cryptocurrencies and blockchain technology.
Conclusion
With more and more Canadians planning to invest in cryptocurrencies. This trend is obviously here to stay. If you’re thinking of getting involved in the crypto market, be sure to do your research and understand the risks before investing any money.
