Canadian Prime Minister Justin Trudeau has slammed Pierre Poilievre, the new leader of the Conservative Party of Canada, for telling people that they can “opt out of inflation” by investing in cryptocurrencies. Trudeau claims that 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 discussed cryptocurrency during a Monday speech before the third-day Cabinet retreat in Vancouver.
After congratulating Conservative member of parliament Pierre Poilievre for winning his party’s leadership on Saturday, Trudeau criticized his new rival’s politics, calling it irresponsible. The Canadian prime minister also attacked Poilievre’s advice about cryptocurrency.
Referring to Poilievre’s suggestion to Canadians that investing in bitcoin could allow them to “opt out” of inflation, Trudeau stressed:
Not being responsible is not leadership.
“By the way, anyone who followed that advice would have seen their life savings destroyed,” the Canadian prime minister claimed.
Trudeau also criticized politicians for using “buzzwords, dog whistles, and careless attacks,” stating that they “don’t add up to a plan for Canadians.” He continued: “Attacking the institutions that make our society fair, safe, and free is not responsible leadership.”
Following Poilievre’s statement in March about crypto and inflation, the Bank of Canada’s senior deputy governor, Carolyn Rogers, told the Commons finance committee: “We don’t see cryptocurrencies as a way for Canadians to opt out of inflation or as a stable source of value.”
Conservative leader, David Cameron has long been an advocate for bitcoin. The politician previously stated that cryptocurrencies are a matter of personal interest to him. During his campaign, the politician promoted crypto as a way to hedge against inflation.
Poilievre proposed that Canada’s Bank of Canada stop creating its own digital currency. “As PM, I would scrap that and instead allow the Auditor General to audit their $400 billion money-printing fiasco,” he tweeted in April, emphasizing:
It is not the Bank of Canada’s business to create its own digital currency.
In a different tweet in April, he criticized the Canadian central bank for warning about “deflation” but then printed $400 billion “for Trudeau to borrow, causing worst inflation in 30 years.”
In March, Poilievre promised to “unleash” the potential of cryptocurrencies and make Canada “the blockchain capital of the world.” In addition, he tweeted in April: “We need sound money again — and also the freedom for buyers and sellers to choose bitcoin and other technology.”
Comment do you feel about Justin Trudeau, Canadian Prime Minister and Pierre Poilievre’s comments about inflation and crypto? Comment below.
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