Where Do Canadian Businesses Buy Crypto?

More businesses globally are utilizing bitcoin and other digital assets for a variety of commercial, operational, and investment purposes. If your business is thinking of investing in crypto, make sure to read this article to the end!

How can crypto benefit your business? 

It's vital to weigh the pros and cons of investing in cryptocurrencies. For instance, will it help your company in achieving its financial objectives and does it fit into your business plan? Is cryptocurrency too complex for my business to use?

Firstly, bitcoin or any other digital asset has a global worth, unlike currencies that adjust to inflation in a particular nation. A loss to you as a business owner results, for instance, if you accept the Indian rupee in your overseas transactions and the value of the rupee suddenly drops due to inflation. By allowing cryptocurrency payments, you can prevent this. Global value of digital currency puts to rest concerns about local inflation.

The ability of cryptocurrencies to resist interference from the government is the main factor behind their popularity. Digital currencies can protect themselves against bank failures, hyperinflations, and other economic catastrophes because they are not tied to any currency or subject to rules. Because of this additional quality, they are ideal candidates to be accepted as payments. The value of cryptocurrencies will remain unaffected even if the entire banking system crashes.

The idea of keeping all the eggs in one basket is never a good one. The same holds true for companies that utilize just one form of investment and payment. It could be dangerous and may not also be fruitful. However, choosing cryptocurrencies could help your company's portfolio become more diversified and protect your payments from economic, medical, and geopolitical instability.

Lastly, although there have been more cryptocurrency scams in recent years, they are still not as serious as financial frauds that drain a company's money. Additionally, hacking a decentralized exchange and taking the token requires several difficulties that few will attempt. Most exchanges are also willing to compensate the victims even if there are some hacks.

Which businesses have crypto holdings?

The notion that publicly traded firms would purchase Bitcoin for their reserves was ridiculed for a long time. The most popular cryptocurrency was viewed as being too unstable and fringe for any major firm to use. However, the purchase of Bitcoin over the past two years by several significant institutional investors has effectively ended that stigma.

MicroStrategy has had a history of buying large amounts of bitcoin. Executive chairman and former CEO Michael Saylor is a huge advocate for bitcoin. Saylor told Barron’s in an interview last year that “[I] see Bitcoin as a hedge against monetary debasement and inflation. For the past two years, MicroStrategy has been adding bitcoin in its balance sheet. At an average cost of $30,700 per bitcoin, the business has now invested almost $4 billion on the cryptocurrency.

Elon Musk’s Tesla has also historically been very interested in bitcoin. Tesla disclosed that company has added $1.5B worth of Bitcoin to its balance sheets in February of last year. The business also announced its intention to begin taking Bitcoin as a form of payment. Tesla eventually sold off 75% of its Bitcoin assets in a methodical manner, as the company admitted in its Q2 2022 earnings report. However, Musk stated that the selloff was intended to enhance cash flow issues rather than the price performance of the cryptocurrency.

Galaxy Digital, and crypto-focused merchant bank, holds around 16,400 BTC, which is worth over 350 million. Other companies such as Marathon Digital, Block Inc, Hut 8, Riot Blockchain, and Coinbase also have very large positions in bitcoin crossing the $100 million dollar mark. 

What is Bitbuy Corporate Solutions?

Bitbuy Corporate Solutions (BCS) is the #1 place for your business to buy crypto. Why you ask? With BCS your business will get full-service support. This means 

·      Onboarding, funding, trade execution and custody  

·      White-glove support with a dedicated account manager 

·      Access to over-the-counter trading desk liquidity   

·      Account controls and personalized reporting 

·      Connect with industry leading account professionals 

BCS supports a variety of businesses including: 

·      Accounting Firms 

·      Law Firms  

·      Family Trusts 

·      Family Offices 

·      Professional Real Estate Corporations (PREC) 

·      Professional Medical Corporations (doctors, dentists, etc)  

·      Commercial accounts 

BCS is trusted by 1500+ business across Canada to add crypto to their balance sheet.

Three reasons why your company should use Bitbuy Corporate Solutions 

1.     Best pricing - with BCS your company will get the best pricing available. We are positioned to aid Canadian businesses through the process of adding bitcoin and other currencies to your corporate treasury. 

2.     Best experts – BCS has helped clients across numerous industries. BCS has the know-how and experience to help your company though the seemingly daunting process of adding crypto to your balance sheet. BSC also will connect your business with accounting and tax advisory firms who specialize in cryptocurrency

3.     Best Service – BCS’s white glove service make this process very simple for your business. Your dedicated and experienced account manager will guide you through the whole process.