Crypto in Canada
Birks Group will initially be launching the option in eight of its stores, including one in Vancouver. The country of Canada is quite amenable towards cryptocurrencies in general with a wide level of adoption. It is also home to a number of large mining farms due to its cheap electricity costs. Speaking on the integration of the BitPay payment processor into its retail services, CEO Jean-Christophe Bédos indicated that –
“It is of great significance to Birks Group to launch BitPay. As an internationally growing brand, we believe that BitPay will benefit our customers as we look to align ourselves with these innovative capabilities that are on the forefront of technology.”
Birks Group has a large amount of international customers so using BTC makes sense for their activities. These shoppers can avoid FX costs, and BTC payments are excellent for large transfers. They are near instant and practically free, making them ideal for the luxury goods sector.
Bitcoin adoption soaring worldwide
Bitcoin has been used to buy expensive villas as well as cars and other luxury items. Adoption levels are at all-time highs as well as trade volume. As more merchants, large and small, accept the crypto-asset, we are likely to reach a tipping point. This tipping point will mean that it will become more expensive for businesses to refuse to adopt the technology than to accept it, much like having a business webpage today. BitPay is the payment processor of choice when it comes to crypto adoption, without many substantial competitors.
There is already an ecosystem for BTC to purchase flights, hotel bookings, car rentals, and other amenities. There are also a number of DLT initiatives underway so that electricity can be paid with digital tokens, as well as a huge increase in the number of bitcoin ATMs. However, we are still a long way off from mass adoption. The addition of BTC to a major retailer like Starbucks, McDonald’s, or Amazon would really bolster the currency and force other large retailers to capitalize. But either way, despite market shifts, the trend for adoption and awareness is only moving in one direction.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.