Canadian Prime Minister Justin Trudeau has slammed Pierre Poilievre, the new leader of the Conservative Party of Canada, for telling people they can “get out of inflation” by investing in cryptocurrencies. Trudeau claims 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 Monday ahead of the first full caucus meeting of the three-day Cabinet retreat in Vancouver for Liberal MPs.
After congratulating Conservative MP Pierre Poilievre on winning his party leadership on Saturday, Trudeau slammed his new rival’s policies, calling them irresponsible. The Canadian prime minister also attacked Poilievre’s advice on cryptocurrency.
Referencing Poilievre’s suggestion to Canadians that investing in bitcoin could allow them to “opt out” of inflation, Trudeau pointed out:
Telling people that they can get out of inflation by investing their savings in volatile cryptocurrencies is not responsible leadership.
“By the way, whoever followed this advice would have seen their savings destroyed,” said the Canadian Prime Minister.
Trudeau also slammed the politicians for using “buzzwords, dog whistles and reckless attacks,” saying they “are not a plan for Canadians.” He continued, “Attacking the institutions that make our society just, safe and free is not responsible leadership.”
Following Poilievre’s statement in March on crypto and inflation, Bank of Canada Senior Deputy Governor Carolyn Rogers told the House of Commons Finance Committee: “We don’t see crypto- currencies as a way for Canadians to get out of inflation or as a stable source of value.”
The Conservative leader has been a strong supporter of bitcoin. He has previously confirmed that he has a personal financial interest in cryptocurrencies. The politician promoted crypto as a hedge against inflation during his campaign.
Poilievre also proposed banning the Bank of Canada from developing its own central bank digital currency (CBDC), saying Canadians should be free to use alternative currencies for payments. “As Prime Minister I would drop this and instead allow the Auditor General to audit their $400 billion money printing fiasco,” he tweeted in April, noting:
The Bank of Canada has no business developing its own digital currency.
In a different tweet in April, he slammed Canada’s central bank for warning of “deflation,” but then printed $400 billion “for Trudeau to borrow, causing the worst inflation in 30 years.”
In March, Poilievre promised to “unleash” the potential of cryptocurrencies and make Canada “the blockchain capital of the world.” Additionally, he tweeted in April, “We need sound money again – and also the freedom for buyers and sellers to choose bitcoin and other technologies.”
What do you think of Canadian Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre’s comments on crypto and inflation? Let us know in the comments section below.
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