Bitcoin is a fantastic cryptocurrency invented in 2008. The currency began use in 2009 when its implementation was released as open-source software.
Bitcoin sure increased in price greatly in 2020 and 2021. For several years, Bitcoin was at around $10,000 in 2018 and 2019.
Amazingly, Bitcoin reached an all-time peak of $41,982 USD on January 8, 2021.
Price of Bitcoin at January 27, 2021 (Today):
1 Bitcoin equals 40,317.42 CAD - Canadian Dollar
1 Bitcoin equals 31,525.20 USD - United States Dollar
So far this year (2021), volumes in bitcoin have been considerably higher, trading an average of $12.3 billion per day, compared to $2.2 billion in 2020.
Bitcoin briefly dropped below $30,000 for the second time in the past week as the largest cryptocurrency kind of struggles to regain momentum after reaching record highs earlier this month.
The fantastic digital asset fell as much as 8.7% to $29,241 Wednesday, before bouncing back from the lowest levels of the day to around $30,770. The last time it traded below $30,000 was Jan. 22, two weeks after setting a record high of $41,982.
This "Bitcoin Currency" surged 300% in 2020 amid speculation that institutional investors were piling in with interest rates at rock-bottom lows.
It seems that in the short term, fluctuations of so-called Bitcoin will happen. The long-term prospects seem to be very good for this investment. It will be interesting to see the price of Bitcoin in the future.
It is indeed possible to buy Bitcoin with E transfer. You could open an account on one of the exchanges supporting Interac e Transfer. You could sure fund your account with an e transfer.
Canada allows the use of digital currencies, including cryptocurrencies. However, cryptocurrencies are not considered "technically" legal tender in Canada. Canada's tax laws and rules, including the Income Tax Act, also apply to cryptocurrency transactions. Check for updates about Canada Bitcoin rules.
As of February 2020, Bitcoin was legal in the USA, Japan, the UK, and most other developed countries. Even where Bitcoin is legal, most of the laws that apply to other assets also apply to Bitcoin. Keep in mind, the tax laws that have to be followed.
It seems that in 2019, 3.89 percent of Canadians used Bitcoin, whereas less than one percent used Ethereum or Ether. Both are cryptocurrencies, which are digital or virtual currencies secured by cryptography. That was percentage is based on https://www.statista.com/statistics/1104229/cryptocurrency-usage-canada/
First North American bitcoin ETF launching in Canada
ReplyDeleteRead more about it here:
https://ca.finance.yahoo.com/news/first-north-american-bitcoin-etf-launching-in-canada-191009756.html
A Canadian company "has beaten the USA" by getting regulatory approval to launch North America’s first exchange traded fund (ETF) designed to track the price of bitcoin.
The Purpose Bitcoin ETF can be held within registered accounts like an RRSP, TFSA, or RESP.
The ETF structure means it will track the price of bitcoin better than other available vehicles like closed-end funds and exchange traded notes because of their premiums as high as 70 per cent.