Cryptocurrency has been around for a while now, and many people are riding the ups and downs, hoping that their favorite coin will take off.
Although there is risk involved, if you have patience, crypto offers an opportunity to invest and grow your assets. People often want to know the Bitcoin price in Canada, and it changes daily.
If you join a crypto exchange, you can follow the price of Bitcoin and all of the other cryptocurrencies. Of course, you also need to dip in your feet.
If you’re a Canadian and still have not invested in cryptocurrency, 2022 is the year to get started. With a inevitable future bull market, get in now before it’s too late.
Top Seven Reasons For Canadians to Invest in Cryptocurrency in 2022
Take a look at the top seven reasons to invest in cryptocurrency in 2022…
1. Cryptocurrencies Perform Independent of Other Markets
When you invest in cryptocurrencies, you will find that their performance isn’t tied to other financial markets. Stocks and other financial assets are closely linked, but crypto is its own thing. People are working on advances in technology that are directly linked to different assets, and the value is more closely connected to what is going on with the crypto rather than the outside financial world. Bitcoin was originally created out of a desire to move away from the government controlled financial systems, and it still operates independently today.
2. Cryptocurrency Is a Different Asset Class
One piece of advice that any financial planner will give you is to diversify your portfolio. Bitcoin and other cryptocurrencies are a different asset class. You may have stocks, cash, real estate, and other assets, and you can add crypto to your arsenal. It has become more mainstream with institutional investing, and it has shown that it is here to stay. You may need to ride out the highs and lows, but there is plenty of room to earn money with cryptocurrency.
3. It Has a Large Potential Upside
If you want to know the Bitcoin price in Canada, you need to go to a cryptocurrency exchange. The important thing to remember is that cryptocurrencies fluctuate throughout the days and weeks, so the price is always changing. If you are impatient, this could be a negative, but for people who are willing to stick with it, there is the potential for a large upside. In fact, you can see Bitcoin swing by a few percentage points in a day, so there is room to make profits.
4. You Can Learn About New Technology
Cryptocurrency is more than an alternate form of investment. Each coin is based on new and developing technologies. For example, there are a number of cryptocurrencies that are linked to Ethereum and use their network to create smart contracts. Other cryptocurrencies are designed by companies that make it easier for developers to create apps in the metaverse. If you enjoy learning, you can choose cryptocurrencies and learn about them, and then invest in those that you think have a chance at becoming successful.
5. It Isn’t Impacted by Inflation
Inflation is a result of a shift in the balance of supply and demand. For example, if there are too many dollars in circulation, the cost of goods and services increases. If there aren’t enough dollars, the prices come down. The problem is that inflation is the result of government programs and actions, and it is outside of your control. With cryptocurrencies, this doesn’t happen. There are a set number of coins, and any changes are planned in advance. They won’t simply make more of a cryptocurrency the way that governments do, so you don’t need to worry about artificial inflation.
6. It Is Not Controlled by the Government
The first cryptocurrency, Bitcoin, was designed to be free of government control. It exists on a public blockchain, and transactions are recorded. It can’t be controlled, and it exists in a limited supply. It won’t depreciate over time. It can go down in value, but it can go back up as well. It isn’t dependent on the government, but it is based on actual people purchasing it. This means that it is a good store of value because it is universal and free of government control. Despite the lack of control, the Canadian government still requires Crypto platforms to meet minimum security and tech requirements for the protection of buyers. This is a great positive as the best crypto platform in Canada will ensure Canadians are protected against fraud or hackers that can occur in an unregulated environment.
7. It Can Appreciate Over Time
If you are looking for something to hold into the future, you can invest in cryptocurrency. In the near term, it can fluctuate in price, but over time, it increases in value. When you get caught up looking at the daily or weekly highs and lows, it can appear erratic. However, when you look at the growth since each coin was created, you will see a slow and steady increase in value. While other investments slowly accumulate value, cryptocurrencies tend to accumulate more value over the same time. The key is to choose solid tech companies that appear to have a future. Bitcoin is just under $20,000, but five years ago it was worth less than $5,000. That is a huge increase in value in a short period of time.
The Bottom Line
Whether you’re a Canadian, an American, or live on the other side of the planet, cryptocurrency is still an untapped market with a whole lot of potential. 2022 could just be your year!
Crypto can help you future proof your financial future. With a looming recession and a likely new financial paradigm just around the corner, the time to get into the market is now.
Blockchain technology is the future. Investing in crypto will not only potentially make you rich, it will give you the knowledge you’ll need to succeed in the emerging fully digital financial world.