Canadian Prime Minister Justin Trudeau has criticized the new leader of Canada’s Conservative Party, Pierre Poyevre, for telling him that investing in cryptocurrencies can “beat inflation”. Trudeau says his Conservative rival’s crypto advice is not “responsible leadership.”
Justin Trudeau calls Pierre Poilievre’s Crypto advice irresponsible leadership.
Canadian Prime Minister Justin Trudeau spoke about cryptocurrency in a speech to Liberal MPs on Monday before the first full caucus meeting of a three-day cabinet retreat in Vancouver.
After congratulating Conservative MP Pierre Poilèvre on Saturday for winning his party’s leadership, Trudeau criticized his new rival’s politics as irresponsible. The Prime Minister of Canada also attacked Poilever’s advice on cryptocurrencies.
Citing Poivere’s suggestion to Canadians that investing in bitcoin would allow them to “get out” of inflation, Trudeau emphasized:
Telling people that they can opt out of inflation by investing their savings in volatile cryptocurrencies is not responsible leadership.
The Prime Minister of Canada said, “By the way, anyone who followed this advice would have saved their lives.”
Trudeau criticized politicians for using “buzz words, dog whistles and reckless attacks” that “don’t include a plan for Canadians.” He continued, “Attacking the institutions that make our society fair, safe and free is not responsible leadership.
Following Poilevre’s statement on crypto and inflation in March, Bank of Canada Senior Deputy Governor Carolyn Rogers told the Commons Finance Committee: “We don’t see Canadians as a way out of inflation or as a stable source of money.” value”
The Conservative leader has been a vocal supporter of Bitcoin. He has previously confirmed that he has a personal financial interest in cryptocurrencies. During his campaign, the politician promoted cryptocurrency as a hedge against inflation.
Poilèvre has proposed banning the Bank of Canada from issuing its own central bank digital currency (CBCC); This means Canadians are free to use alternative currencies for payment. “As PM, I will repeal that and instead allow the Auditor General to investigate their $400 billion in money printing,” he tweeted in April.
The Bank of Canada has zero business developing its own digital currency.
In a separate tweet in April, he criticized Canada’s central bank for warning of “deflation” but Trudeau issued $400 billion in borrowing, leading to the worst inflation in 30 years.
In March, Poilever promised to “unleash” the potential of cryptocurrencies and make Canada the “blockchain capital of the world.” Additionally, he tweeted in April: “We need good money again – and freedom of choice for buyers and sellers of bitcoin and other technologies.”
What do you think of Canadian Prime Minister Justin Trudeau and Conservative Leader Pierre Poyevre’s comments on crypto and inflation? Let us know in the comments section below.
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