A cryptocurrency advertisement on ice at the Bell Center

A cryptocurrency advertisement on ice at the Bell Center

When do we know that a new product hopes to become a consumer product in Quebec? When he started advertising on ice at the Bell Center.

Vincent Brouseau-PauliotVincent Brouseau-Pauliot

From Friday evening, Montreal Canadiens fans will see a new advertisement on ice at the Bell Center: this cryptocurrency site Crypto.com, a Hong Kong-based company. This is the first time a cryptocurrency site has purchased an advertisement in the NHL Amphitheater, according to Crypto.com. The Montreal Canadiens did not comment on their year-long advertising partnership with Crypto.com, citing their corporate policies.

Cryptocurrency is a highly speculative private digital currency. Its most popular and well-known currency is bitcoin, which has appreciated by 1026% (and 101% in 2021) over the previous year. As of this writing, a bitcoin is trading around US $ 58,800 as of late Wednesday. During the day of Wednesday alone, bitcoin gained 4%.

“We listen a lot [du bitcoin et des cryptomonnaies] Simon Damarker, professor of accounting at HEE Montreal, says, because of his huge growth. There is a popularity effect around cryptocurrency. [Pour les gens], We should still be careful and understand what we are doing. There is a speculation factor, and we have not reached the point where all traders accept this currency. ”

Outside of the financial markets, we are beginning to be able to use bitcoin to pay for certain purchases. For example, electric car manufacturer Tesla purchased US $ 1.5 billion in bitcoin and will now accept payments in bitcoin (where permitted by the authorities). In Canada, financial services company Wealthsimple has been allowing investors to trade cryptocurrencies on its online platform since September, much like buying and selling stocks on the stock exchange. Many online exchange platforms such as Crypto.com provide a similar service.

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Now that cryptocurrencies are more accessible, cryptocurrency transaction sites want to advertise to the general public, for example professional sports. According to the Miami Herald, the cryptocurrency site FTX is currently in discussions with the Miami Heat to acquire the rights to identify its ambassador.

Professional sports teams such as the Dallas Mavericks (NBA) and Oakland Aces (major leagues only for the box) are also starting to allow their customers to pay with cryptocurrencies.

Can cryptocurrency replace cash? No, strongly believes the Bank of Canada. The central bank, which is responsible for the monetary system, is instead working on a “central bank digital currency”. “Bitcoins and other similar digital assets have been launched in the hope that they will become the money of the future. This goal was not achieved and probably never will be. Bank of Canada deputy governor Timothy Lane said last month that transactions with cryptocurrencies like bitcoin are too expensive, and their purchasing power is also unstable.

About the author: Seth Grace

Seth is an all-around geek who loves learning new stuff every day. With a background in Journalism and a passion for web-based technologies and Gadgets, she focuses on writing about on Hot Topics, Web Trends, Smartphones, and Tablets.

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