The Canadian government has been urged to create a cryptocurrency-friendly ecosystem in the country.
Michael Katchen – the Co-Founder and Chief Executive Officer at the Canadian investment management firm Wealthsimple, believes that Canada could take the lead in the cryptocurrency market if the government creates a friendly ecosystem.
In a recent interview with Bloomberg, Katchen urged Canadian policymakers to increase the country’s presence in the cryptocurrency industry.
He pointed out that blockchain technology is very exciting, and some of the smartest people in the tech industry are entering the crypto space. Katchen said;
“The smartest people in technology and the smartest engineers are flocking to build applications in this space, which is generally the thing that we see at the cusp of any major technology revolution. Canada could plant a flag and say, ‘We want to help the smartest people that want to be working on crypto projects, companies on the blockchain – do it from Canada.’”
The WealthSimple CEO said Canada could plant a flag in the crypto space and open its doors to the people in the thriving industry.
Katchen also discussed Bitcoin, stating that he thinks it would be the reserve currency of the future.
However, there is still so much speculation around cryptocurrencies at the moment, and WealthSimple wants to educate people on how to invest responsibly.
The cryptocurrency market has become one of the leading financial markets in the world. The market has gained huge adoption over the past few years.
The total cryptocurrency market cap reached an all-time high of $3 trillion in November. However, the market has been in a bearish trend since then and has lost more than $1.3 trillion over the last two months.
Bitcoin reached an all-time high of $69k barely three months ago. However, it is down by nearly 50% and is currently trading around $36k per coin.