At the North American Blockchain Summit on November 20, 2024, former Canadian Prime Minister Stephen Harper highlighted the transformative potential of blockchain technology for economic growth. Harper emphasized the critical role of the middle class in elections, referencing insights from his 2018 book 'Right Here, Right Now' [6199a070]. He noted that Canada was the only G7 country to fully recover from the 2008-2009 financial crisis, contrasting this with the current economic challenges faced under Prime Minister Justin Trudeau, whose administration has seen GDP-per-capita growth average just 0.3% [6199a070].
The backdrop of Harper's remarks coincides with significant economic developments, including the U.S. national debt surpassing $36 trillion [6199a070]. As Bitcoin approaches the $100,000 mark, the cryptocurrency market is experiencing heightened interest, driven by factors such as the reelection of U.S. President Donald Trump and his DOGE initiative aimed at reducing government spending [e57ffff6].
In the commodities market, gold prices have surged over 31% in 2024, with Goldman Sachs forecasting prices could reach $3,000 per ounce by 2025 [6199a070]. This increase is part of a broader trend, as gold futures recently closed at $2,733.80, reflecting a 5.41% rise [6199a070]. Meanwhile, airline fares have increased by 3.2% month-over-month, indicating inflationary pressures in the travel sector [6199a070].
In the stock market, Bombardier's shares rose by 15%, while MicroStrategy's stock fell by 30% amid bearish commentary regarding its Bitcoin investments [6199a070]. Additionally, crude palm oil prices dropped by 8.13%, and lithium production in Zimbabwe has surged, showcasing the dynamic nature of global commodity markets [6199a070].
As these economic indicators unfold, the intersection of blockchain technology, cryptocurrency, and traditional markets continues to shape discussions on future growth strategies and the resilience of the middle class in Canada and beyond [6199a070].