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A sign advertises a Bitcoin automated teller machine, ATM, at a shop in Halifax on Wednesday, February 4, 2020. nbsp; THE CANADIAN PRESS/Andrew Vaughan March 17, 2021 - 11:13 AM
A Saskatchewan condo corporation has purchased thousands of dollars worth of bitcoin in hopes of eventually eliminating fees for residents, but experts say such cryptocurrency investments come with risks.
Regina-based Thornton Place Condominium Corp. announced Wednesday that it recently bought 0.4 bitcoin for $25,000 through cryptocurrency platform Kraken and has allocated $700 per month for future purchases of the cryptocurrency.
The investment made by the corporation behind a 32-unit building on Smith Street amounts to about five per cent of its reserves and six per cent of its monthly operating fund contributions.
Regina condo corporation invests in Bitcoin, but experts warn of risks
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A sign advertises a Bitcoin automated teller machine, ATM, at a shop in Halifax on Wednesday, February 4, 2020. nbsp; THE CANADIAN PRESS/Andrew Vaughan
REGINA – A Saskatchewan condo corporation has purchased thousands of dollars worth of bitcoin in hopes of eventually eliminating fees for residents, but experts say such cryptocurrency investments come with risks.
Regina-based Thornton Place Condominium Corporation says it recently bought 0.4 bitcoin for $25,000 through cryptocurrency platform Kraken and has allocated $700 per month for future purchases of the cryptocurrency.
Condo board treasurer Howard Ulmer says the Bitcoin investment idea came from a former board member and was designed to be conservative in order to mitigate risks.
Regina condo corporation invests in Bitcoin winnipegfreepress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from winnipegfreepress.com Daily Mail and Mail on Sunday newspapers.
The investment made by the corporation behind a 32-unit building on Smith Street amounts to about five per cent of its reserves and six per cent of its monthly operating fund contributions.
With the value of Bitcoin rising from about $7,000 per coin to roughly $70,000 over the last year, the model may seem tempting to copy, but experts believe condo corporations should think twice because cryptocurrency can be risky. The price is really prone to wild variation and I m sure that the condo association is investing in hopes that the price will go way up. but volatile assets can just as easily go down in value, said Lisa Kramer, a finance professor at the University of Toronto.