The Canadian tourism industry has been hit by a sudden surge in cryptocurrency trading, with some sites taking in as much as $1,000 per day in trading volumes, according to data from the Canadian Tourist Bureau.
“We’ve seen a lot of traffic and a lot more activity lately in terms of cryptocurrency trading,” said Marc-André Fazio, the bureau’s chief of operations.
“A lot of people are looking to buy and sell altcoins on the black market and in the wild, and they’re finding a lot to enjoy in the process.”
The B.C. tourism industry is also hit by this wave of trading, according the bureau.
“In our region, it’s a lot less regulated and regulated than it is elsewhere in Canada,” Fazie said.
According to data collected by the B.L.C.’s Department of Finance, there were 5,091 trading volumes in May, with more than $8.5 million of bitcoin and altcoins being traded in B. Canada alone. “
It just means that the regulatory environment is getting a little bit more complicated.”
According to data collected by the B.L.C.’s Department of Finance, there were 5,091 trading volumes in May, with more than $8.5 million of bitcoin and altcoins being traded in B. Canada alone.
The number of Canadian tourists visiting the country in 2017 stood at 5,862, a rise of 3.2 per cent.
That was up from the 4,065 people visiting in 2016.
That’s followed by Newfoundland and Labrador at 1,092, followed by Manitoba at 890.
Nova Scotia saw the most trading volume with 4,664 transactions, while the lowest was in Quebec at 539.
According to the BTS, the tourism industry in Canada is in good shape and “is looking at a good bounce-back from a very hard time.”
There is a shortage of hotel rooms and a shortage in other types of accommodation, with most major cities seeing a surge in tourism in 2017.
But while some tourists are looking for the latest and greatest, many others are finding that the bitcoin and blockchain world is now their first choice for places to stay and work.
“There’s still a lot going on in the world of cryptocurrencies, but in general the market is going to keep growing,” Fazzo said.
And while the BTLB has not provided a specific number on the number of bitcoin-related businesses, it is likely the figure will grow in coming years.
“As more people find that this is the best way to get around, there’s going to be a lot, I think, of people moving from a traditional hotel to something like Airbnb or a ride-hailing service,” he said.