Why Crypto is gaining popularity in Canada?
So far, the year 2021 has been all about cryptocurrency. While there has been significant growth when it comes to Ethereum, gains with Ada, and speculation with meme coins such as Dogecoin and Shibu Inu, there has been one that has far outshone the others. Bitcoin has seen phenomenal growth which saw it reaching its peak value of over $63,000 for a single coin back in April.
Canadians are no different when it comes to their love with all things crypto. In fact, the popularity of cryptocurrency is continuing to grow. Canada has a tech hub that is well versed in groundbreaking research and implementation. At the forefront of such tech, it makes sense that the likes of Bitcoin are becoming more and more popular in the country. Is there more to it than this though? Let’s take a look.
Crypto enters the mainstream
The last 12 months or so have signalled a real shift with how cryptocurrency is viewed. Once it was seen as a passing fad, something that was overly risky, and without practical purpose. That shows just how wrong people can be! Major companies have not only invested in Bitcoin themselves, some have started to accept it as a form of payment. No longer can the argument hold that crypto has no place in society as it can not actually be used.
One of the biggest developments has to be the growth of online casinos that accept crypto. This shows how it has entered every area of our lives from investments to entertainment. As we will see, Canada, as a country, is well placed to take full advantage of this which will only lead to the popularity of crypto continuing to grow.
The birth of Bitcoin casinos
It may only be a recent development, but more and more online casinos are now accepting Bitcoin as a form of payment. The security and anonymity offered by the currency mean that gamblers see it as the perfect solution when seeking payment methods. When it comes to Bitcoin casinos, Canada is at the forefront. The country has a variety of these to choose from whereas in other countries these are still in their infancy.
When Canadian players are given the option many opt for Bitcoin as their chosen currency at online casinos. In fact, Bitcoin gaming in Canada is becoming so popular that online casinos that don’t accept it are desperately seeking to change this. Players in Canada are huge fans of online casino games and anything that adds to the experience, such as being able to use crypto, will only be welcomed.
The Elon Musk factor
Musk may not be a Canadian by birth, but his mother is. Not only that but his education from the age of 17 was carried out in the country. That means that Canadian’s are all ears when the man talks. After all, when one of the richest people in the world has something to say, the chances are that we all have something to learn from it. When it comes to crypto, Musk is more than slightly vocal!
An utterance of a few words on a TV show or a few characters in a Tweet from this man can send crypto prices soaring. Musk knows the long-term value of the likes of Bitcoin and Dogecoin and those in Canada who see him as an adoptive son will agree with his analysis. Now that there are practical uses for Bitcoin, such as Bitcoin casinos, Canadians will be keen to not only hold to watch the value increase but also use it just like any other currency that exists.