Justin Trudeau, Canada's Prime Minister, has criticised Pierre Poilievre (the new leader of Canada's Conservative Party of Canada), for telling people they could "opt out of inflation" by investing their money in cryptocurrencies. Trudeau asserts that the crypto advice of his Conservative rival is not responsible leadership.
Justin Trudeau Calls Pierre Poilievre's Crypto Advice Irresponsible Leadership
Canadian Prime Minister Justin Trudeau spoke about cryptocurrency Monday, before the first full caucus meeting at the three-day Cabinet retreat in Vancouver. This was for Liberal parliament members.
Pierre Poilievre, a Conservative member of parliament, was congratulated for his victory and Trudeau called his rival irresponsible. Poilievre's advice on cryptocurrency was also attacked by the Canadian prime minister.
Trudeau referred to Poilievre’s suggestion to Canadians to invest in bitcoin to allow them to "opt-out" of inflation.
It is not responsible leadership to tell people that they can avoid inflation by investing in volatile cryptocurrencies.
The Canadian prime minister stated that "By and large, anyone who followed that advice could have their life savings destroyed."
Trudeau also criticised politicians for using "buzzwords," dog whistles and careless attacks, stating that they "don’t add up to any plan for Canadians."
After Poilievre's March statement about crypto and inflation in March, Carolyn Rogers, Bank of Canada's senior vice governor, stated to the Commons finance committee that cryptocurrencies were not a way for Canadians "to opt out of inflation" or as a stable source of income.
Conservative leader is a vocal supporter of bitcoin. He has previously stated that he is interested in cryptocurrency as a personal investment. During his campaign, the politician promoted crypto as an inflation hedge.
Poilievre also suggested that the Bank of Canada should stop developing its own digital currency (CBDC) and that Canadians be allowed to use other currencies for payment. He tweeted April that "As PM I would scrap this and instead allow Auditor General to audit the $400 billion money printing fiasco."
The Bank of Canada does not have any business creating its own digital currency.
In April, he tweeted a criticism of the Canadian central bank, saying that it had warned about "deflation" and then printing $400 billion "for Trudeau, which caused the worst inflation in 30+ years."
Poilievre had promised in March to "unleash" cryptocurrency's potential and make Canada "the Blockchain Capital of the World." He also tweeted April: "We require sound money again — as well as the freedom for buyers to choose between bitcoin and other technologies."
What did Pierre Poilievre, Canadian Prime Minister, and Pierre Poilievre, Conservative leader, comment on crypto and inflation? Comment below.
By: Kevin Helms
Title: Justin Trudeau Slams Pierre Poilievre for Telling People They Can ‘Opt out’ of Inflation by Investing in Cryptocurrency
Sourced From: news.bitcoin.com/justin-trudeau-slams-pierre-poilievre-for-telling-people-they-can-opt-out-of-inflation-by-investing-in-cryptocurrency/
Published Date: Tue, 13 Sep 2022 23:30:40 +0000
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