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Mike’s Comment – Jan 29th

Posted by Michael Campbell

on Sunday, 30 January 2022 13:44

The reaction to the Truckers’ Convoy by the establishment is both predictable and disappointing – more important it’s a missed opportunity to help heal growing divisions in the country.

These were the 5 worst performing cryptos over the past week amid the bitcoin bear market

Posted by Matthew Fox, businessinsider.com

on Friday, 28 January 2022 12:51

  • While bitcoin and ethereum dominate the headlines, there are more than 17,000 crypto coins.
  • With less liquidity and more volatility, these alternative cryptocurrencies can deliver investors massive losses or gains in a short period of time.
  • These were the five worst performing cryptocurrencies over the past week, according to data from CoinMarketCap.

Bitcoin’s bear market has sucked the life out of many popular cryptocurrencies, with the total crypto market capitalization falling from $3 trillion to less than $2 trillion today. But less liquid altcoins have seen an even steeper decline.

With more than 17,000 cryptocurrencies in existence and counting, there are more than triple the number of crypto coins than there are US exchange-listed stocks. That massive amount of supply makes it nearly impossible to keep track of all the big movers in the crypto sector outside of well known coins like bitcoin, ether, and dogecoin.

The surge in new crypto coins came amid a massive bull market for the sector in 2021, but a more than 40% decline in bitcoin from its November high is challenging the space, especially in smaller coins that saw extraordinary gains last year like solana, cardano, and polkadot…read more.

Canada Should Plant a Flag in Crypto, Says Wealthsimple’s CEO

Posted by Dimitar Dzhondzhorov, cryptopotato.com

on Thursday, 27 January 2022 11:47

By opening its arms to the world of crypto, Canada could attract a lot of smart people, who are part of the ecosystem, said Katchen.

Michael Katchen – the Co-Founder and Chief Executive Officer at the Canadian investment management firm Wealthsimple – believes local authorities and regulators should create a crypto-friendly ecosystem. He added that blockchain technology is “wildly exciting,” while some of the smartest people in the tech industry “are flocking” into the digital asset space.

Canada Should Become a Crypto Hub

In a recent interview for Bloomberg, Katchen called upon the Canadian policymakers to increase the country’s presence in the cryptocurrency industry. In his view, the asset class needs to be put under comprehensive supervision as it has been rapidly expanding.

According to Wealthsimple’s CEO, many intelligent individuals have been shifting towards the space lately. As such, Canada “could plant a flag” and open its doors to those people:

“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.’”

Katchen also touched upon bitcoin, envisioning it could become a reserve currency in the future. However, he sees “a heck of speculation” surrounding the primary digital asset and highlighted Wealthsimple’s efforts to educate users on how to invest responsibly…read more.

Bank of Canada maintains rates despite decades-high inflation

Posted by Jeff Labine, iPolitics.com

on Wednesday, 26 January 2022 10:16

Canada’s central bank is holding interest rates at 0.25 per cent, but warns that increases will be coming to combat high inflation.

On Wednesday, the Bank of Canada (BOC) maintained interest rates at their current levels, despite the economy having recovered from the pandemic, including job numbers returning to pre-pandemic levels by the end of last year. In its decision, the bank says global recovery remains uneven and the Omicron variant continues to cause supply chain bottlenecks.

Inflation rose to 4.8 per cent in December for the first time since 1991. The bank argues the causes of high inflation — such as supply chain shortages — are temporary and will ease to three per cent by the end of 2022.

“Interest rates need to increase to control inflation,” Bank of Canada governor Tiff Macklem told reporters in Ottawa on Wednesday.

“Canadians should expect a rising path for interest rates. We are committed to bringing inflation back to target.”…read more.

Canada’s Real Estate Bubble Is So Big Even The Mother Of All Crashes Can’t Fix It

Posted by Stephen Punwasi, betterdwelling.com

on Tuesday, 25 January 2022 11:26

Canadian real estate is now some of the most expensive in the world. Home prices across the country, not in pricey hubs, are now comically overvalued. At this point, not even a major housing crash can restore affordability. Many think this is pandemic-related, but overvaluation has long been a concern. For at least a decade, the central bank, government, and various agencies have rung the alarms. Let’s go through some of the numbers and see what price points they felt were a concern, and proceeded to do nothing.

More Than Half Of Canadian Households Couldn’t Buy A Home Today

First, let’s start where the Canadian real estate market is currently sitting. The composite benchmark, (a.k.a. a typical home) was $798,200 in December, up 27.8% from a year before. It is at an all-time high for both price and annual growth. How does this stack up with household incomes?

National Bank of Canada’s latest estimate shows a down payment and income are far out of reach for most. A median household needs 6 years of savings for a down payment, double the average from 2000. Even if you have the down payment, incomes need to rise 88% higher to qualify for a mortgage. More than half of the country has zero chance of qualifying for a mortgage.

Good thing more than half of the country already owns a home, so this is just a problem for young people. To complicate the issue further, the academic-led non-profit Generation Squeeze highlights income disparity. When you say median income, you’re also referencing more established and older households. The median buyer looking to get into the market makes much less. On an inflation-adjusted basis, people between 25 and 34 years of age make less than they did in the 1970s. Affordability is rough for everyone, but try being at the bottom of experience and skill…read more.