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It would seem cryptocurrency is highly popular within Canada at the moment, with it being claimed that around 30% of the nation’s citizens have been involved with investing in virtual currency. It has been stated that Bitcoin and Ethereum (Read also Ethereum: Why it can be even bigger and better than Bitcoin) are the most popular forms of crypto currently, although it would seem that many of them still have a number of concerns regarding the practice, as just 5% of those find it a safe strategy and one that they can follow. In comparison, the survey that was conducted by Hardbacon had shown that 21% of Canadians considered that buying stocks is a more secure form of investment compared to crypto, whilst 65% had pointed out that it was safer to invest in government bonds.

“Meme Stocks” a growing trend within Canada

One growing trend that was highlighted following the results of the survey, though, is that investing in “meme stocks” has become a popular activity. “Meme stocks” include Cineplex, AMC and GameStop and according to 13.3% of respondents, it is something that they have invested in to diversify their portfolios. However, it would seem that these appeal to those within the 25-44 age bracket, as 30% of them had already decided to invest in them.

Enthusiasm for cryptocurrency continues to boom

There is certainly a lot of enthusiasm for cryptocurrency within Canada at the moment, with the results of another study having highlighted how much the interest has grown over the last year or so. As the digital currency industry continues to grow and boom, around 20,783 of every 100,000 Canadians have googled “crypto” over the last 12 months. This is an increase of around 213% over the course of the year. The level of interest in crypto within Canada at the moment is actually greater than it is within their southern neighbors, the United States of America. According to the data that has been produced in the study that was completed, just 14,796 queries per 100,000 people were made on Google.

Canada is favorable to the industry

It, perhaps, should not come as a surprise to learn of the interest and the growing trend of crypto in Canada given the country has shown that it is rather favorable to digital currency. Canada has been at the forefront of ensuring that crypto investing can take place as they have integrated the practices together at a rather advanced rate. Additionally, the nation is one of the most favorable for those who wish to mine for crypto. The climate, electricity supply and light regulation are amongst the best available. Due to the hardware that is continually being used, there is a significant amount of heat continually being generated by the computers, however, the cool climate ensures that the costs of keeping the machinery as cool as possible remain as reduced as possible.

Furthermore, the power rates that can be experienced in Quebec are amongst the lowest that are available within the North American continent. Industrial customers can experience costs of $0.05 per kilowatt-hour, which is incredibly cheap compared to many other countries around the world. Lastly, any company that decides to set up within the region will be able to benefit from political and financial stability when they operate their crypto mining facility within Canada. There is a relaxed framework that allows for the digital currency industry to be as secure as possible, which is something many businesses are looking for after issues have been experienced in other countries around the world.

What does the future hold?

Although Canada may appear to be ahead of the game in regards to cryptocurrency, there is still a need for the North American powerhouse to continue pushing on within the industry. Indeed, with the crypto industry being completely online, the fintech companies that are involved can be built anywhere in the world, therefore regulators within the country need to act to ensure that they continue to provide the very best incentives for organizations to remain within the country and continue to develop. Of course, there should be a lot more regulations introduced over the next few years as crypto continues to become more mainstream, however, the Canadian government will need to be forward-thinking and proactive with what they do, otherwise, they could lag behind other nations.

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