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Royal Bank of Canada
Symbol RY
Shares Issued 1,415,074,558
Close 2024-12-06 C$ 178.27
Market Cap C$ 252,265,341,455
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Globe says RBC keen to rub shoulders with bitcoin bros

2024-12-06 06:14 ET - In the News

The Globe and Mail reports in its Friday edition that bitcoin's price has surged since Donald Trump won a second term as U.S. president after pledging on the campaign trail he would make the country the "crypto capital of the planet." In a Globe special, Shirley Won writes that on Thursday, it topped $100,000 (U.S.) for the first time, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Although several Canadian fund managers are betting bitcoin will climb higher, they also warn that its days of volatility are not over. Alex Tapscott, portfolio manager and managing director of the digital asset group at Toronto-based Ninepoint Partners LP, expects bitcoin to become less erratic as the asset matures and as investors and governments hold it more widely. RBC iShares, an alliance between RBC Global Asset Management and BlackRock Asset Management Canada, recently filed to launch an iShares Bitcoin ETF in Canada. "It reflects the obvious -- there is a ton of market demand," Mr. Tapscott says. His fund also holds Coinbase, whose blockchain called Base can increase transaction speed and reduce costs, he says.

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