By Hassan Mehmood (Saudi Arabia)
Canada has been among those blessed few countries where regulation is fast and attended to with the right mind. Canada has a deeper appreciation for cryptocurrencies such as Bitcoin and their adoption; the country has already signed and activated many ETFs regarding Bitcoin and some of the other cryptocurrencies, whereas the US could not start or get its first Bitcoin ETF approved.
ETFs are also known as exchange-traded funds and are a type of security that can be bought, traded, and tracked very easily as it reflects a certain stock, commodity, or asset or in terms of the crypto market, either Bitcoin or some other cryptocurrency.
The primary purpose of an ETF is to provide the trader the good of both markets, i.e., the crypto market and the stock market. The trader can continue to buy ETF and would indirectly be buying Bitcoin that the ETF holds value to, so in sparse terms, the trader can reap the benefits of their ETF-oriented trades without actually having to hold any Bitcoin. No volatility, yet the profitability that the whole charade has to offer is laid plainly before the investor.
Also read:Canada Continues to Develop more ETFs and Favors the Crypto Adoption
Canada has also favored many more ETFs after taking the first ETF for a successful run. It seems that the country is making some solid progress with crypto adoption, and the masses there also reflect the same attitude towards the adoption of cryptocurrency as that of the state, which is lenient and welcoming.
It is as if almost the country stands over the brims of adopting the idea of cryptocurrency and nationalizing it with their fiat currency; this is merely a thought and doesn’t reflect the plans of the state with crypto in any shape, size, or form. Considering the milestones that one could achieve with cryptocurrency, it seems that Canada has achieved all but one, which is to integrate the cryptocurrencies into their national currency system as El Salvador has done so.
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