Connect with us

Published

on

The biggest motivation for Canadians interested in Bitcoin is as an investment, according to over one-third of the 4,996 respondents in the Bank of Canadas 2022 survey. 1050 Total views 4 Total shares Listen to article 0:00 News Join us on social networksThe Bank of Canada (BoC) reported a decline in the ownership of Bitcoin (BTC) and cryptocurrencies in the country in 2022, as neither market conditions nor regulations sided in favor of Canadian crypto investors, according to a BoC study published on July 26.

The study includes data from the annual Bitcoin Omnibus Survey conducted by the Canadian central bank, which showed a relapse from the massive crypto adoption witnessed in 2021. Bitcoin awareness and ownership in Canada, 2016 to 2022. Source: Bank of Canada

The above graph shows that Bitcoin ownership in Canada declined to 9% by August 2022. However, BTC adoption saw a slight uptick to 10% by the end of the year, and the drop in Bitcoin ownership does not imply that investors were spreading out their investments into other cryptocurrencies. The report read:Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins.

The biggest motivation for Canadians interested in Bitcoin is as an investment, according to over one-third of the 4,996 respondents in the Bank of Canadas 2022 survey.Percentage of Canadians who own Bitcoin, 2016 to 2022. Source: Bank of Canada

Most Canadians acquired their crypto holdings through mobile and web apps. Bitcoin and crypto mining became the third-most-popular method of accumulating tokens for the second consecutive year.

When it comes to the altcoin ecosystem, Dogecoin (DOGE) was the most sought-after crypto investment considering the Elon Musk-induced hype and its history of randomly skyrocketing in price. Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) were some of the other popular altcoins among Canadians.

Related: Parliamentary report recommends Canada recognize, strategize about blockchain industry

According to the BoC, the research is relevant for monitoring the two conditions that could warrant the issuance of an in-house central bank digital currency (CBDC): if Canadians almost or do stop using cash, or if Canadians widely adoptand use private cryptocurrencies for payments.

Hey Canada, we need your input!

Our public consultation on a potential #DigitalCanadianDollar is now LIVE. #HaveYourSay by June 19: https://t.co/p8BdG3tQ9h pic.twitter.com/vKRoBfAngu Bank of Canada (@bankofcanada) May 8, 2023

The BoC highlighted that ecosystem collapses, regulatory hurdles and price depreciation contributed to the decline in crypto ownership. However, considering the governments intent to provide regulatory clarity combined with a stable market, crypto ownership in the region is expected to pick up.

Magazine: Deposit risk: What do crypto exchanges really do with your money? # Bitcoin # Canada # Adoption # Bank of Canada # Report # Survey

Add reaction

Add reaction Related News How to track and report crypto transactions for tax purposes The anatomy of a cyberattack How will Bitcoin halving affect BTC price, and is DeFi dead? Blockchain could save financial institutions $10B by 2030: Ripple Bitcoin Lightning on Coinbase agenda, Brian Armstrong tells Jack Dorsey Ether ETFs pending Grayscale, VanEck and others file SEC applications

Continue Reading

Politics

The evolution of crypto payments and what lies ahead

Published

on

By

The evolution of crypto payments and what lies ahead

From Bitcoin to stablecoins, what’s next for digital currency? Stablecoins will continue to play a fundamental role in crypto payments, and their important role will only grow.

Continue Reading

Technology

Trump delays cancellation of de minimis trade exemption targeting China imports

Published

on

By

Trump delays cancellation of de minimis trade exemption targeting China imports

Employees package and sort express parcels at an e-commerce company on Nov. 1, 2024, around the Double 11 Shopping Festival in Lianyungang, Jiangsu Province of China.

Vcg | Visual China Group | Getty Images

President Donald Trump signed an executive order on Friday that puts a pause on his closing of the de minimis trade exemption, a provision commonly used by Chinese e-commerce companies Temu and Shein.

The order states that de minimis will be restored for small packages shipped from China, “but shall cease to be available for such articles upon notification by the Secretary of Commerce to the President that adequate systems are in place to fully and expediently process and collect tariff revenue” on those items.

Trump on Saturday suspended the exemption as part of new tariffs that include an additional 10% tax on Chinese goods. The nearly century-old exception, known as de minimis, has been used by many e-commerce companies to send goods worth less than $800 into the U.S. duty-free, creating a competitive advantage.

It was predicted that its removal could overwhelm U.S. Customs and Border Protection employees, as the mountain of low-value shipments already making their way into the U.S. would suddenly require formal processing.

De minimis has helped fuel an explosion in cheap goods being shipped from China into the U.S. CBP has said it processed more than 1.3 billion de minimis shipments in 2024. A 2023 report from the House Select Committee on the Chinese Communist Party found that Temu and Shein are “likely responsible” for more than 30% of de minimis shipments into the U.S., and “likely nearly half” of all de minimis shipments originate from China.

Critics of the de minimis provision say it’s provided an unfair advantage to Chinese e-commerce companies, and created an influx of packages that are “subject to minimal documentation and inspection,” raising concerns around counterfeit and unsafe goods.

The Biden administration proposed a new rule last September to curb the “overuse and abuse” of de minimis. The rule proposes to strengthen the CBP’s information collection requirements for de minimis shipments.

Continue Reading

Environment

Tesla increases Model X price, brings back incentive Elon Musk said was ‘not coming back’

Published

on

By

Tesla increases Model X price, brings back incentive Elon Musk said was 'not coming back'

Tesla has increased Model X prices and brought back an incentive that CEO Elon Musk said was unsustainable and “not coming back to any vehicles.”

Today, Tesla updated its Model X configurator in the US to raise the prices of the electric SUV by $5,000.

The new prices are $84,990 for the Long Range version and $99,990 for the Plaid version:

The price increase means the Model X ino longer qualifies for the $7,500 Federal EV tax credit as it now exceeds the $80,000 price cap for electric SUVs.

But with the price increase, Tesla is ramping up the incentives.

Tesla brings the price down by $1,000 with a referral code, it gives one option for free if you buy the Full Self-Driving package, and it is bringing pack “free Supercharing for life.”

The latter, Tesla stopped offering because CEO Elon Musk said it was unsustainable.

Back in 2020, the CEO said that it will “not come back to any [Tesla] vehicles”:

“Just us being fools, but free Supercharging forever is not coming back to any vehicles. It’s not a good incentive structure.”

However, it did bring it back last year as an “end-of-the-year incentive.”

But now, Tesla is bringing it back for Model S and Model X, and it applies to orders from the US, Canada, Puerto Rico, Europe and Middle East.

Tesla has made some changes to the program. Instead of being linked to the vehicle, meaning free Supercharging would remain if you sell it, it is now attached to your Tesla account.

The automaker also says that it doesn’t apply to vehicles used for commercial purposes:

“Customers who purchase or lease a new Model X are eligible for free Supercharging during your ownership of the vehicle. Offer is tied to your Tesla Account and cannot be transferred to another vehicle, person or order, even in the case of ownership transfer. Used vehicles, business orders and vehicles used for commercial purposes (like taxi, rideshare and delivery services) are excluded from this promotion.”

However, Tesla also said that the last time, but it is hard to enforce.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending