What does Bitcoin’s record high mean for local owners?
Cryptocurrency transformed itself from a piece of paper in 2009, when Bitcoin was first envisaged by the still-unknown programmer Satoshi Nakamoto, into something that regularly has banks and governments quacking in their slippers. It’s a finance revolution that’s only been denied that title by its unpredictability and, let’s be honest, the perceived difficulty of actually using it.
Growing Confidence
In November 2021, Bitcoin reached a new high of $86,954 per coin. It then stumbled, only to rally to a record of $97,000 per coin in mid-March 2024. Growing confidence in the token among more traditional financial structures, like investment banks, is behind much of Bitcoin’s recent success, although its popularity is far from even.
Bitcoin has long been valued as an alternative to fiat currencies in countries that either can’t or don’t want to use paper money. Its use often rockets during periods of runaway inflation, such as in Venezuela during the 2017-2020 oil price crisis, or in places that restrict currency movements. Bitcoin doesn’t suffer cross-border fees, for instance, and can be used by anyone without qualification.
Its rise has also been buoyed by some especially devoted industries, such as online gaming. CryptoBetSport is a free spins casino in Canada that exclusively accepts cryptocurrency for its 8,000+ slots, blackjack lobbies, and live casino games. It offers 50 free spins on Book of Dead for anybody curious about using digital tokens like Bitcoin, as well.
Overall, though, despite a few bumps in the round, Bitcoin’s health as a currency continues to trend upwards.
Bitcoin Ownership
This brings us to the local scene, here in Toronto. Ontario’s capital is considered one of the most crypto-friendly places in the world, alongside far-flung places like Ljubljana in Slovenia, Singapore, and both New York City and San Francisco in the US. The NOWPayments website has a list of Toronto-based businesses that use its payment gateway to process crypto.
Yet, Toronto’s relationship with crypto is a recent one, going back only about five or six years. Ethereum, another crypto asset, was founded in Toronto by programmer Vitalik Buterin in the mid-2010s. The CoinTelegraph magazine mentions that the force of this upwelling in the crypto industry created a divide in Canada, between those who knew, and those who didn’t.
As with many things, the advice is to always remain cautious. Bitcoin’s current high has social media in a tizzy and, while Bitcoin ownership has increased recently in Canada, by 8% between 2018 and 2020, it pays to know crypto’s role in society. For instance, investors are trading stock in Bitcoin, not buying it to spend on the high street. So, while Bitcoin does enjoy visibility in Toronto’s stores and eateries, it’s quite rare that owners commit to using it in exchange for goods and services. The one exception is online commerce, as we saw earlier with crypto-based casinos. Bitcoin might continue its rise into the rafters during spring but, one thing should be clear from previous highs: there can be a drop short
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