The main opposition leader Pierre Poilievre propounded bitcoin as an inflation-beating asset early this year.Read MoreCoinDesk
Canadian Prime Minister Justin Trudeau, on Monday criticized the opposition party for asking people to invest in bitcoin to beat inflation.
“Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership,” Trudeau tweeted, calling the opposition’s economic ideas reckless and questionable.
Trudeau’s criticism comes after the Conservative Party, Canada’s main opposition to Trudeau’s Liberal Party, elected pro-bitcoin veteran lawmaker Pierre Poilievre as its new leader.
Early this year, Poilievre attacked Trudeau for injecting $400 billion into the economy, which he said fueled inflation. Poilievre supported the use of supposed fiat alternatives such as bitcoin.
Bitcoin devotees have long said that the cryptocurrency’s scarcity would help investors preserve the value of their money during times of high inflation. Bitcoin’s market valuation, however, has halved to $427 billion this year despite rampant inflation.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Could Bitcoin (BTC) soon find its way on to the balance sheet of a European…
I was recently having a conversation with a friend in Kenya who described how difficult…
The Bitcoin market has long been defined by its seemingly immutable four-year cycle, a pattern…
The Bank Board of the Czech National Bank (CNB) has approved a proposal to evaluate…
Grayscale Investments LLC has officially launched the Grayscale Bitcoin Miners ETF (MNRS), providing investors with…
Elastos, a project looking to turn Bitcoin into a more fruitful base for decentralized finance…