Bitcoin Hits All-Time High Against Canadian Dollar, Defying Critics

Bitcoin (BTC) Surpasses Record High Against Canadian Dollar Over a Year After Nation's Leader Criticized Digital Currencies as Risky Investments

Bitcoin reaches all-time high in Canadian dollars following Prime Minister’s comments on it destroying people’s savings.

📅 Last updated: March 4, 2024 17:02 EST | ⌛ 1 min read

The price of Bitcoin (BTC) has reached a new milestone, trading at an all-time high against the Canadian dollar. This comes after seventeen months of skepticism from the nation’s leader, who once criticized digital currencies as “irresponsible” investments. But now, it seems Bitcoin has proven its worth, shattering its previous record and leaving its political detractors surprised.

Bitcoin Is Back In Canada

Canadian Prime Minister Justin Trudeau, known for his skepticism towards cryptocurrencies, previously stated that investing in volatile digital assets would lead to disastrous outcomes. However, Bitcoin’s recent surge to over $91,500 CAD has left many reevaluating their stance on the cryptocurrency.

Trudeau’s criticism was primarily directed at Pierre Poilievre, the leader of Canada’s Conservative Party, who championed Bitcoin as a potential inflation hedge. At the time, Poilievre faced backlash from opponents as Bitcoin’s value dropped to 2017 levels. Despite this, Poilievre’s Conservatives are now leading in national polls, with projections indicating a potential landslide majority win if an election were held today.

• Bitcoin Price Hits Record Highs, More than Just a Bull Run
• Bitcoin’s Latest Rally and Price Predictions: What You Need to Know 🚀💰💯
• Texas Blockchain Council and Riot Platforms Seek Temporary Restraining Order Against Energy Information Administration

A Tale of Inflation

Bitcoin’s rise in Canada aligns with Poilievre’s anti-inflation campaign, where he blames Trudeau’s government spending and monetary policy for the devaluation of the Canadian dollar. While the US dollar grapples with its own inflationary issues, the Canadian dollar has fallen against it, going from $1.25 to $1.35 since November 2021.

This discrepancy becomes evident when comparing Bitcoin’s exchange rate in each currency. While Bitcoin’s USD price is just shy of breaking its all-time high, reaching $67,900 on Monday compared to $69,000 in 2021, it has surpassed all expectations in the Canadian market.

Bitcoin’s Early Surge

Bitcoin’s recent surge has defied its traditional 4-year cycle. Historically, new highs aren’t reached until after Bitcoin’s “halving” event, which is still over a month away. One possible explanation for this accelerated growth is the introduction of Bitcoin spot ETFs in the United States. Since their launch on January 11, they have absorbed an average net worth of over $180 million per day, effectively driving up demand and reducing the supply on OTC desks.

Despite the positivity surrounding Bitcoin’s recent performance, it is essential to approach the cryptocurrency market with caution and conduct thorough research before making any investment decisions.

Stay up to date with the latest news and trends in cryptocurrencies by following us on Google News.

Q&A:

Q: How does Bitcoin’s all-time high against the Canadian dollar impact its value in other currencies?

A: While Bitcoin has achieved a record-breaking high against the Canadian dollar, its value in other currencies may vary. Currently, its USD price is close to its all-time high but has yet to surpass it. The performance of Bitcoin should be analyzed in relation to the specific currency in question.

Q: What factors contributed to Bitcoin’s recent surge in Canada?

A: Bitcoin’s surge in Canada can be attributed to multiple factors. One significant factor is the rise of Bitcoin spot ETFs in the United States, which have generated substantial demand for the cryptocurrency. Additionally, political and economic narratives surrounding inflation and government spending have increased interest in Bitcoin as an alternative investment.

Q: Should I consider investing in Bitcoin based on its recent performance in Canada?

A: While Bitcoin’s recent performance in Canada is impressive, it is crucial to approach cryptocurrency investments with caution. The market is highly volatile and can experience rapid fluctuations. Consider seeking professional advice and conducting thorough research before making any investment decisions.

Q: How can I stay informed about the latest developments in the cryptocurrency market?

A: Staying up to date with the latest news and trends in cryptocurrencies is essential for making informed investment decisions. Follow reputable sources, such as industry publications and reliable news platforms, to stay informed. Additionally, consider following industry influencers and experts on social media platforms.

References:

• Bitcoin Not Taking Off as Mainstream Payment: BoE Governor
• Bitcoin Magazine Announces Partnership With Unchained to Educate Next Wave of Bitcoiners on How to Protect and Grow Their Wealth

---

Now that you’re well-informed about Bitcoin’s remarkable performance in Canada, share this article with your friends and followers on social media to spread the knowledge! 🚀💰📈

We will continue to update Blocking; if you have any questions or suggestions, please contact us!