Shopify (TSX:SHOP) stock may not be every Canadian TFSA (Tax-Free Savings Account) investors' cup of tea. It's a fast-rising tech titan that's incredibly volatile. Undoubtedly, if you bought shares at any point in 2021, odds are you're still in the red on your position.

Still, if you're a younger, long-term investor who's looking to grow your TFSA or even RRSP wealth over the next decade or beyond, I'd argue that Shopify shares are a stand-out and perhaps even a must-consider any time Mr. Market marks down the stock as it did earlier this year. Indeed, the tech-focused correction may be in the rearview mirror today.

However, even at $109 and change per share, shares of SHOP still look intriguing from a longer-term perspective for those who have a smaller sum to "nibble" their way into the stock with a smaller, partial position.

Indeed, when it comes to choppy stocks (can you believe SHOP shares have a beta of 2.4, which entails higher market risk?), buying over time with the assumption your position will go down after you've bought can be a pretty good strategy. Of course, dollar-cost averaging (DCA) isn't a magic formula, but it can help new investors get the right mindset when it comes to investing.

Long-term investors should look to grow their wealth over the span of decades

Indeed, the line between sound, long-term investment, and speculation can be difficult to view from the vantage point of a market newcomer drawn in by momentum stocks that everybody around you may be talking about.

Now, back to Shopify, the high-tech Canadian e-commerce titan. As I've noted in prior pieces, the firm is still likely in the early stages of its growth story. Of course, it won't be a smooth ride up as the firm goes after a massive digital retail scene. However, if you have 10 or more years to invest, I'd argue that the rough ride will, at least more often than not, be worth staying aboard.

Of course, Shopify needs to capitalize on high-tech trends in the e-commerce scene to continue being a share taker through the next decade. The good news is that management led by Tobias Lutke seems to have the same startup spirit that helped it become the Canadian tech behemoth it is today.

Though the ups and downs will be wild, I wouldn't bet against Shopify, whether it's generative AI or some other technology (could augmented reality glasses be the key to the future of digital transactions) that acts as a growth driver for a firm that still has what it takes to be one of Canada's growth heroes.

Shopify stock's not cheap. But it's still a must-watch

At the time of writing, SHOP stock is going for more than 60 times forward price-to-earnings (P/E). Such a multiple bakes in some part of the growth narrative. Just how much remains the big question.

Either way, I'd argue most Canadian investors should have the name atop their shopping list because double-digit drops are going to happen in the future. And such drops, I believe, could serve as great long-term opportunities for dip-buyers.