If anyone is wondering why the fear of fraud is high in Canada today, here is one example.
The Alberta Securities Commission this year issued a public statement informing citizens about the prevalence of scams orienting around alleged crypto investment opportunities.
Predictably, the rise of crypto-related scams appears to be in sync with the rise in the capitalization of the crypto market itself. Globally, the crypto market reached US$4 trillion for the first time in July, amid all time highs for the original cryptocurrency, Bitcoin, and is poised for further growth through the year.
Of course scammers are going to want a piece of that pie.
What’s more interesting is how an entire ecosystem of innovation has emerged around Bitcoin and its broader family of cryptocurrencies in such a short period of time, and against a backdrop of tremendous criticism.
We can recall that, just one decade ago, skeptics loudly warned that Bitcoin might eventually be worthless. And while that still could technically prove true, the coin has grown in value by orders of magnitude since then, with doubters being left in the proverbial dust.
Indeed, the coin’s initial cult following is now drowning in the mainstream, fully flanked by institutional investors who have formalized long-term strategies oriented around crypto.
There are now countless crypto-related ETFs, for example, but the expansion stretches even beyond investing—major platforms like Shopify are continuously deepening integration with crypto, normalizing use of the digital currency in commerce scenarios as well.
And as crypto gains value, coin holders are also gaining power as a voting bloc that politicians can less and less afford to ignore. Bitcoin Canadians are “young, educated, and tech-savvy individuals who believe in digital innovation and economic modernization,” which shows that a majority crypto holders in the country are 39 or younger, meaning the bloc will continue to exercise voting power for decades.
It’s also worth noting that Canada is among the more active adopters of crypto, boasting several million holders. That’s why it’s a key outpost for global titans such as Coinbase. It also gives local innovators in the space a strong market to launch from.
Overall, it is an exciting time for coin holders in Canada, but those who have been HODLing since the beginning know that the best is still yet to come. And Fintech.ca will be there, keeping readers informed of every important advancement in the space.
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