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Should Canadians Invest in Bitcoin in 2024?

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–News Direct–

"Should an investor buy Bitcoin?" This question gains even more significance as we approach the Bitcoin halving, a key catalyst event that traditionally impacts the cryptocurrency's price and market dynamics profoundly. With recent approvals of US spot BTC ETFs and a significant influx of institutional money, the stage is set for potentially lucrative returns in the Bitcoin market.

As Canada continues to make significant strides in the global cryptocurrency market, the anticipated Bitcoin halving event poses a new opportunity for Canadian investors.

The Case for Bitcoin Investment in Canada

Canada's progressive stance on cryptocurrency regulation and its early adoption of Bitcoin and Ether ETFs have distinguished it as a leader in the cryptocurrency sphere. These developments provide Canadian investors with safer and more accessible investment opportunities:

  • Widespread Adoption: Currently, 18% of Canadians own some form of cryptocurrency, signaling a broad acceptance of these digital assets within the country.

  • Dominance in ETFs: Canada was one of the first nations to introduce spot Bitcoin and Ether ETFs. Today, Canadian spot crypto ETFs hold a substantial 46% of the global market share, managing $2.79 billion in assets.

Currently, 18% of Canadians own some form of cryptocurrency, with Bitcoin being the predominant choice. Given this statistic, I think you could argue that yes, Canadians should consider Bitcoin as a potential investment avenue.

Lets delve deeper into the halving process and explore why Bitcoin remains an excellent investment for 2024 and beyond

Understanding the Bitcoin Halving

The Bitcoin halving reduces the reward for mining new blocks by half and happens every four years, with this cycle estimated to occur on April 20th 2024. This constricts the supply of new Bitcoins and typically drives up the price due to the supply-demand economics. Historical data illustrate significant price surges post-halving:

  • November 2012 Halving: Price soared from around $12 to over $1,000 within a year.

  • July 2016 Halving: Gradual rise from $650 to roughly $2,500, peaking near $20,000 by December 2017.

  • May 2020 Halving: Price climbed from about $8,000 to nearly $64,000 by April 2021.

These trends suggest a bullish outlook post-2024 halving, however, several new variables could shape this cycle differently.

Ryan Lee, Chief analyst at Bitget shared his thoughts on the impending halving:

Based on our analysis, Bitcoin could potentially reach between $100,000 – $110,000.

At current rates, factoring in rising institutional demand, easier retail access, and diminished miner sell pressure, its possible that Bitcoin could even surpass current price predictions. That being said, Bitcoin is an unpredictable asset and remains susceptible to macro forces including global economic inflation and stock market performance. As it stands, Bitcoin is on course to reach $100K by the end of 2024. If it can pass that psychological threshold and continues to show strength, theres no reason why it cant continue to outperform other assets in 2025 and all the way through to the next halving.

Factors Influencing the 2024 Halving Cycle

1. Institutional Adoption

Increased institutional investment can bring more stability and reduce volatility in Bitcoin prices, as institutions are likely to hold long-term positions, absorbing some of the price fluctuations and supporting a gradual price increase.

2. Regulatory Environment

Regulations play a crucial role in cryptocurrency adoption. Positive developments, such as the approval of Bitcoin spot ETFs in various countries, have made Bitcoin more accessible and could lead to increased demand.

3. Technological Developments

Advances in blockchain technology and the introduction of new financial products that enhance Bitcoin's utility could attract more users and investors, further driving up the price.

4. Economic Conditions

Bitcoin is often considered a 'digital gold' and a hedge against inflation. With current global financial instability, Bitcoin could see heightened demand as a safe-haven asset.

Institutional Impact on Bitcoin's Valuation Post-2024 Halving

The entry of more institutional investors is expected to increase Bitcoin's market capitalization and liquidity. Institutions not only bring in large volumes of capital but their long-term investment horizons decrease the available supply, putting upward pressure on prices. This dynamic is likely to be exacerbated by the reduced supply following the halving.

Market Conditions and Future Growth Potential

Although the market is currently experiencing high prices and investor enthusiasm, several indicators suggest there is room for growth:

  • Market Greed Index: Excessive optimism might indicate an overheated market, but balanced sentiment could mean sustained growth potential.

  • Market Volatility: The VIX and other volatility indices can help gauge market stability. A decrease in volatility usually indicates a stable market which could be conducive for growth post-halving.

Conclusion: Is Buying Bitcoin Pre-2024 Halving Wise?

Given the historical price surges following previous halvings, the anticipated reduction in Bitcoin supply, and the increasing institutional interest, a bullish outlook is reasonable. The potential for high returns post-2024 halving, combined with technological and regulatory advancements, makes Bitcoin an attractive investment opportunity.

Investors should consider these dynamics but remain aware of the inherent volatility and risks. Monitoring market indicators and staying informed on global economic conditions will be crucial. As always, a diversified investment approach is recommended to mitigate risks associated with the volatility of Bitcoin.

In summary, buying Bitcoin in anticipation of the 2024 halving presents a promising opportunity, supported by both historical trends and emerging market dynamics. Investors are advised to conduct thorough due diligence and consider their long-term investment strategies in alignment with ongoing developments in the Bitcoin ecosystem.

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Contact Details

Sylvia Huang

+971 52 892 2724

media@bitget.com

View source version on newsdirect.com: https://newsdirect.com/news/should-canadians-invest-in-bitcoin-in-2024-877440404

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Press Release

Trivolve Tech and Quixy joins hands to Revolutionize Forensic Systems in India on Cardano

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Hyderabad, India, 22nd October 2024, ZEX PR WIRE, Trivolve Tech, a blockchain and AI product studio and Quixy, a leader in no-code/low-code enterprise solutions, , have officially partnered to co-develop cutting-edge forensic management systems for state governments across India. This collaboration aims to revolutionize the handling and integrity of forensic evidence by integrating Cardano blockchain technology and Zero-Knowledge Proofs (ZKP) into evidence management systems.

The project will initially focus on the Uttar Pradesh state government, which handles over one million forensic cases annually. The key objective is to enhance the forensic chain of custody—a process crucial for ensuring the authenticity and integrity of forensic evidence presented in court.

Addressing the Challenges in Forensic Evidence Management

Forensic departments in India face significant challenges in maintaining the chain of custody for evidence. Current centralized systems are vulnerable to tampering and unauthorized access, posing risks to the credibility of evidence in legal cases. The joint venture between Quixy and Trivolve Tech addresses these challenges by developing a decentralized solution leveraging Cardano’s smart contracts and Zero Knowledge Proofs. This approach ensures that every step in the chain of custody is immutably recorded on the blockchain, providing an unprecedented level of transparency and security.

Integrating Cardano Blockchain for Enhanced Security and Scalability

Cardano, one of the most decentralized and sustainable blockchain platforms, will be integral to the forensic management system through its cryptographic hashing. Cardano operates on a proof-of-stake (PoS) consensus mechanism, which makes it 99.99% more energy-efficient than Bitcoin and Ethereum. This sustainability, coupled with security, positions Cardano as an eco-friendly option for large-scale projects like this one.

Rahul Konudula, CEO of Trivolve Tech, commented, “By integrating Cardano blockchain with forensic management, we are providing a game-changing solution that improves transparency, accountability, and security for law enforcement agencies. This collaboration could set the standard for forensic evidence management across India’s 28 states and 8 union territories.”

About Quixy

Quixy is a no-code/low-code platform that helps organizations automate business processes and build enterprise applications faster with fewer resources. With over 26,000 no-code apps and 200,000 users, Quixy is one of India’s leading software companies.

About Trivolve Tech

Trivolve Tech is a product development studio solving real-world problems through Blockchain and AI. They integrate blockchain into enterprises and government operations, driving innovation and sustainable growth while enhancing liquidity by tokenizing Real World Assets.

For more information, please visit:
Quixy – https://quixy.com/

Trivolve Tech – https://trivolvetech.com/

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Press Release

The importance of QuickBooks file repair: Damaged QuickBooks files can disrupt business operations, making it challenging to access financial data

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Brandon, MB, 22nd October 2024, ZEX PR WIRE, QuickBooks is an incredibly robust accounting tool, capable of handling a variety of financial tasks. However, like any software, it is susceptible to encountering issues, including file corruption. A damaged QuickBooks file can significantly disrupt business operations, making it challenging to access financial data, create reports, or process transactions. QuickBooks file repair is a powerful process designed to effectively address these issues and restore the integrity of your data.

Some common reasons include power failures or system crashes during QuickBooks usage can lead to file corruption. Another common reason is if the company file grows over time, it may become too large, causing performance issues or data corruption. Issues with hardware or bad sectors on the hard drive can lead to file damage.

Incompatible software or updates can occasionally interfere with QuickBooks, resulting in file corruption. 

QuickBooks provides a built-in tool called QuickBooks File Doctor, designed to identify and repair common issues related to file corruption. This tool can be downloaded and run to fix network and data file issues, offering a simple and effective solution in many cases.

If the file is too corrupted to repair, restoring from a recent backup can save your data. Regular backups are essential as they provide a safeguard in case of severe damage. 

QuickBooks includes a “Rebuild Data” feature that can resolve minor data corruption issues. This tool automatically scans the company file for inconsistencies and fixes them, ensuring the file is in good shape.

In cases of severe file damage or when internal tools fail to resolve the issue, consulting a professional QuickBooks repair service may be necessary. These services specialize in repairing damaged files and recovering lost data, ensuring minimal disruption to your business.

QuickBooks file repair is crucial when your data is compromised. By using built-in tools like QuickBooks File Doctor, restoring backups, or seeking professional help, you can effectively recover from file corruption and ensure business continuity.

For professional expertise on repairing a damaged QuickBooks file, visit https://quickbooksrepairpro.com/quickbooks-data-recovery.aspx

About QuickBooks Repair Pro

QuickBooksRepairpro.com is a leading QuickBooks File Repair and Data Recovery, QuickBooks Conversion, QuickBooks Mac Repair, and QuickBooks SDK programming services provider in North America, serving thousands of business users all over the world. With over 20 years of experience with Intuit QuickBooks, QuickBooksRepairpro.com assists QuickBooks users and small businesses with a variety of services and work with the US, UK, Canadian, Australian (Reckon Accounts), and New Zealand versions of QuickBooks (PC and Mac platforms).

For more information, visit https://quickbooksrepairpro.com/

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Optimizing your QuickBooks file is crucial for ensuring your accounting software runs efficiently, protecting data integrity, and facilitating smoother operations

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Kingston, 22nd October 2024, ZEX PR WIRE, As businesses grow, so do their financial records, often leading to larger QuickBooks company files. While QuickBooks is designed to handle substantial data, file optimization is crucial for maintaining efficiency and performance. 

 Large company files can slow down QuickBooks, leading to lagging responses when entering data, generating reports, or running payroll. Optimization helps reduce file size and improve system speed, allowing for smoother operations.

Over time, as files grow and become fragmented, the risk of data corruption increases. Regular optimization can help maintain file integrity, reducing the likelihood of encountering issues that can lead to data loss.

 A smaller, optimized file takes less time to back up and restore, which is critical during system updates or when recovering from a crash. This can save valuable time and resources, especially during busy financial periods.

File optimization makes it easier to manage and navigate your financial records. By condensing and organizing data, users can quickly access the information they need without wading through excessive amounts of data.

Optimized files allow for quicker and more accurate financial reporting, ensuring that your business remains compliant with tax regulations and internal policies. This efficiency is vital for audits and decision-making processes.

Use QuickBooks’ built-in “Condense Data” feature to remove historical transactions and reduce file size while retaining necessary data. Schedule regular maintenance checks to identify and repair data integrity issues. Utilizing tools like QuickBooks File Doctor can help identify potential problems early. Regularly review and archive old transactions that are no longer needed for day-to-day operations, which can significantly reduce file size. Keep an eye on your company file size and set thresholds for when optimization is needed to prevent performance degradation.

Optimizing your QuickBooks file is crucial for ensuring your accounting software runs efficiently, protecting data integrity, and facilitating smoother operations. Regularly implementing optimization strategies can lead to significant benefits, allowing your business to focus on growth and success.

https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-file-optimization-service/ 

About E-Tech

E-Tech is the leading service provider of QuickBooks File Repair, Data Recovery, QuickBooks Conversion and QuickBooks SDK programming in the UK and Ireland. In our 20 years plus of experience with Intuit QuickBooks, we have assisted over a 1000 satisfied customers with their requirements.

We offer a range of services for existing QuickBooks users and provide comprehensive solutions for small businesses. Additionally, our expertise covers the US, UK, Canadian, Australian (Reckon Accounts), and New Zealand versions of QuickBooks (PC and Mac platforms).

For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca. 

To learn more about the company, visit: www.e-tech.ca

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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