The Globe and Mail reports in its Tuesday edition that Canada is plunging head-long into cryptocurrencies.
A Bloomberg dispatch to The Globe reports that little-known Canadian stocks such as Hive Blockchain Technologies, Glance Technologies and NetCents Technology have surged as much as 20-fold this year, giving retail investors a way to embrace the mania without actually having to buy bitcoins.
There may be more ways to invest soon. At least two Canadian firms have filed to launch what could be the first bitcoin exchange-traded funds.
Canada's stock markets are no strangers to investing fads, with cobalt, lithium and marijuana stocks all bubbling higher this year. Cryptocurrency experts say the fast-evolving bitcoin sector is a classic case of buyer beware, not unlike the dot-com bubble of the 1990s when shares would spike in value simply because a company had ".com" in its name. Bitcoin briefly topped $11,000 on Nov. 29 and was trading at about $10,780 on Friday, up about 11-fold this year.
Autonomous director Lex Sokolin says, "The demand is really high for anything crypto and the supply is very low, so you're not really winning on your merit, you're just winning because of the market dynamic."
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