‘You Better Buy Some Bitcoin’ – Organizations Ignore Canada’s Crypto Crackdown

Canada’s war on bitcoin appears to be backfiring as the country’s bitcoin exchange-traded fund (ETF) adds thousands of BTC.

Data from on-chain monitoring resources coin jar shows that the Purpose Bitcoin ETF increased its holdings from 28,854 BTC to 32,257 BTC (11.8%) in the 2 weeks ended Feb. 24.

Organizations ignore Canada’s Crypto Crackdown

Institutional investors have returned to Purpose after two months of poor performance, during which holdings declined slightly.

Bitcoin ETF holds purpose | Source: coin jar

The comeback comes amid what many are calling free “promotion” of Bitcoin — the Canadian government has blacklisted individual wallets and officially barred exchanges from advising users to control their wallets and private key.

The goal of the legislature is to monitor and confiscate the financial assets of anyone contributing to or associated with the trucker protest movement.

Podcast host Dennis Porter has To write in this week:

“Canada warns people to withdraw their coins from exchanges because they will confiscate them, this is the most incredible ad for bitcoin I’ve seen in my entire life.”

Meanwhile, Blockstream CSO Samson Mow slammed the recent decision on emergency powers to allow surveillance to take effect immediately. grandfather alarm:

“Canada is a cautionary tale about why money should be money and not a surveillance tool. Emergency powers can change what is legal or illegal.

If you are not 100% sure that you will always side with those in power, you better buy some Bitcoin.”

Foreign crypto companies are being targeted by the government’s plans, most notably US exchange Kraken and hardware wallet provider Nunchuk. Kraken CEO Jesse Powell has tweets:

“It’s 100% done/will happen, we have to stick to it. If you are concerned about this, do not hand over your money to a centralized/regulatory custody platform. We can’t protect you. Get your coin/cash and trade p2p only.”

Bitcoin reserves on exchanges fall to a new low

Also, demand for Bitcoin from users of both retail and derivatives exchanges is showing a clear upward direction.

Data from on-chain analytics platform CryptoQuant confirm Stock market balances have continued their steeper downward trend in recent days and are once again at multi-year lows.

As of February 22, the balance across 21 major trading platforms monitored by CryptoQuant is 2.37 million BTC.

Bitcoin exchange reserve chart | Source: CryptoQuant

As reported, this trend continues even though Bitcoin is down more than 50% from its all-time high 3 months ago.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page