Bitcoin Price Hits All-time High Tuesday. How to Invest in Bitcoin in Canada?
Bitcoin price tops $69,000 on Tuesday, recording its all-time high. Concurrently, cryptocurrency-related stocks, such as $Coinbase(COIN.US)$,$Marathon Digital(MARA.US)$, and $MicroStrategy(MSTR.US)$, have collectively gained momentum.
The recent surge in Bitcoin's price can be attributed to two main factors:
1. The successful listing of ETFs has led to a robust influx of capital.
As of market close on Last Wednesday, the ETFs hit $7.6 billion in volume, topping previous records, according to Bloomberg data. Spencer Hallarn, global head of over-the-counter trading at crypto investment firm GSR, said,
Bitcoin continues its ascent, supported by strong ETF inflows.
2. The market starts to focus on the upcoming Bitcoin halving.
The first Bitcoin halving occurred in 2012 when the price was at $12. Subsequent halvings took place in 2016 and 2020. After each halving, the price of Bitcoin typically saw significant increases within 6 to 12 months, repeatedly setting new records.
What Is the Outlook for Bitcoin?
Analysts at Bernstein said in a note that they think the best days of bitcoin are ahead, and the ETF-led bitcoin market is poised for what we expect to be a FOMO rally.
Analysts led by Nikolaos Panigirtzoglou at JPMorgan said that three key upcoming events in the cryptocurrency space that could drive retail investor excitement and FOMO. These events are the Bitcoin halving, the Ethereum network upgrade, and the decision by the SEC regarding the Ethereum spot ETF application. They suggest that the market has largely priced in the first two events, whereas the likelihood of the third event happening stands at about 50%.
How to invest in Bitcoin in Canada?![]()
1. Buy Bitcoin from crypto exchanges
Canada has a thriving cryptocurrency scene with a number of Bitcoin exchanges operating within the country. Some of the most popular exchanges based in Canada include CoinSmart, Coinsquare, Bitbuy, and Newton. These platforms allow buyers and sellers to store their crypto, trade it among themselves, and even exchange CAD for crypto. There are also plenty of international exchanges that cater to Canadian citizens including Coinbase, CEX.IO and Coinmama.
2. Bitcoin ETF
An ETF provides a convenient method of investing in assets or a group of assets, without the need to purchase the assets themselves. For instance,$SPDR Gold ETF(GLD.US)$, one can easily invest in gold without worrying about the storage or security of the physical asset. Since the advent of Bitcoin, acquiring ownership of the cryptocurrency entailed creating a digital wallet or registering an account with a crypto trading platform such as $Coinbase(COIN.US)$ or Binance. Unlike existing products that invest in Bitcoin futures, the recently approved spot Bitcoin ETFs will hold actual Bitcoin.
By simply typing "Spot Bitcoin ETFs" into the search bar, you can access the 11 ETFs that are available for trading in moomoo![]()
.
3. Invest in Bitcoin HODL company
There are different types of "crypto concept stocks", among which the most relevant to the price of Bitcoin is the Bitcoin HODL company. These are companies that have invested heavily in Bitcoin and hold the cryptocurrency as part of their corporate treasury reserves.
$MicroStrategy (MSTR.US)$ is the world's largest corporate holder of Bitcoin with its most recent purchase of the flagship digital asset. However, it's important to note that investing in a Bitcoin HODL company may be even more volatile than investing directly in Bitcoin.
Investors should also be mindful of the risks associated with investing in Bitcoin![]()
. Currently, the Crypto Fear & Greed Index has climbed to its highest point since 2021. Meanwhile, crypto-assets lack intrinsic economic value or underlying assets. Their common utilization for speculative purposes, coupled with significant volatility, substantial energy demands, and associations with funding illegal activities, render them highly risky instruments.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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YL28 : Momo only supports 4 provinces in Canada; no other local household can be opened![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Moreover, the amount of 69,000 has not been reached in this round. Is there a problem with this data?
Moomoo News Canada OP YL28 : Hi mooer, please kindly check out the reports from Bloomberg, CNBC and WSJ. You can also check the Bitcoin price in moomoo bitcoin price page![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
YL28 Moomoo News Canada OP : In addition to those 4 provinces, let's cover the rest of Canada as soon as possible![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Moomoo News Canada OP YL28 : Well received!![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
FARAMARZ AKBARY :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")