by Kevin Helms
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.”
Canadian Prime Minister Justin Trudeau talked about cryptocurrency in a speech Monday before the first full caucus meeting of the three-day Cabinet retreat in Vancouver for Liberal parliament members.
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:
Telling people they can opt out of inflation by investing their savings in volatile cryptocurrencies is not responsible 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.”
The Conservative leader has been a vocal bitcoin proponent. He previously confirmed that he has a personal financial interest in cryptocurrencies. The politician has promoted crypto as a hedge against inflation during his campaign.
Poilievre has also proposed barring the Bank of Canada from developing its own central bank digital currency (CBDC), stating that Canadians should be free to use alternative currencies for payments. “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:
The Bank of Canada has zero business developing 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.”
What do you think about the comments by Canadian Prime Minister Justin Trudeau and Conservative leader Pierre Poilievre about crypto and inflation? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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by Kevin Helms