Wealth Simple – an online brokerage in the country of Canada – wants to engage in a program where it gets to see how people are using cryptocurrencies. Analysts believe that there will be regulatory tactics set in place designed to prevent Wealth Simple – and companies like it – from engaging in such activity. Wealth Simple Is Eager to Know How People Use Crypto One of the big issues facing bitcoin and the crypto space is the fact that many digital currencies, while designed for things like payments, have become quite speculative, and thus are looked at as “get rich quick” schemes. Thus, while these currencies were designed to push fiat, credit cards, and checks to the side, many people are simply trading them hoping to strike it big financially. This goes against a
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Wealth Simple – an online brokerage in the country of Canada – wants to engage in a program where it gets to see how people are using cryptocurrencies. Analysts believe that there will be regulatory tactics set in place designed to prevent Wealth Simple – and companies like it – from engaging in such activity.
Wealth Simple Is Eager to Know How People Use Crypto
One of the big issues facing bitcoin and the crypto space is the fact that many digital currencies, while designed for things like payments, have become quite speculative, and thus are looked at as “get rich quick” schemes. Thus, while these currencies were designed to push fiat, credit cards, and checks to the side, many people are simply trading them hoping to strike it big financially. This goes against a lot of what these currencies were built for, and the main goals of crypto have long been out of reach for one reason or another.
Wealth Simple, however, seems to believe that many more people are using crypto for legitimate purposes. They are no longer just looking to crypto to trade and potentially boost their portfolios. Rather, they see bitcoin and many competing altcoins as real forms of money, and the firm wants to see if this belief holds true by monitoring people’s crypto habits.
In a recent statement, Wealth Simple explained:
We understand that part of the appeal of this asset class (is) to use the asset, not simply invest in them or speculate on them, so we’re going to support that. We’re looking at… how we can become more nimble and more connected to public blockchains as a key strategic priority.
Anne Connelly – a lecturer on crypto and blockchain at Boston University – believes that Wealth Simple would likely have a serious advantage over similar firms if it were to engage in such a project. However, she admitted that regulations would likely get in the way, and the company may have a difficult time in getting things together. She says:
They already have a captured market of people interested in trading… If the corporation is still holding on to (users’) private keys for them or preventing them from sending their cryptocurrency anywhere else, then they’re selling the vision of cryptocurrency without providing the true benefits.
Wealth Simple was launched eight years ago in 2014. As a stock-trading platform, the company has more than $11 billion in assets under its management team. About two and a half years ago, the firm added crypto trading to its roster through bitcoin and Ethereum. It has since brought many more coins aboard as its crypto division becomes more popular, and clients continue to ask that these services be available.
Its What Crypto Can Do That’s Important
The company continued its statement by mentioning:
The focus should be on what crypto/ blockchain can do, not whether these tokens are good investments.