What do KPMG in Canada & The Freedom Convoy have in common? Bitcoin.
In early February, KPMG in Canada (affiliate of the international accounting firm KPMG) announced the addition of Bitcoin and Ethereum to its corporate balance sheet. Their managing partner, Benjie Thomas, explained that the move “reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix.” The Luxembourg affiliate of PwC (another Big 4 Accounting firm) recently released a report indicating that 61% of financial institutions in the wealthy nation plan to begin their crypto journey this year. There is a clear, emerging trend of the wealthiest people and firms in the world recognizing the value of bitcoin, despite what you hear from the mainstream media about it being a fad.
Though the Freedom Convoy may not have much in common with the financial world, they share a common love for bitcoin. The financial world exemplifies the investment potential that cryptocurrencies represent. The Freedom Convoy controversy highlights the importance of protecting your data since it could be used against you for holding politically incorrect beliefs. Finally, many people are interested in bitcoin because of the unique utility it provides as a safe way to store your money, free from government interference.
After the truckers’ Freedom Convoy began having an economic impact on wealthy interests, Justin Trudeau quickly cracked down in the harshest possible way and froze the bank accounts not only of the truckers, but also anyone who donated to their protest. Canadians quickly began expressing their support for the protest against vaccine mandates by closing their accounts at banks working with the government, so Trudeau reversed course. However, before he did that, the truckers realized they would need a way to store their money outside of government reach and began collecting donations in bitcoin.
Some people see the tremendous potential for the price of bitcoin to continue skyrocketing. Some people are tired of the money supply controlled by a privately owned bank run by unaccountable bankers. Some people want to be able to store their money in a way that the government can’t freeze for holding unpopular political views. Many people haven’t yet attempted to understand the underlying technology behind bitcoin, blockchain, and the few that have recognize its potential to completely revamp the way value is created in society.
