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.
By Omkar Godbole (All times ET unless indicated otherwise) The wait is over. Bitcoin has…
The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).…
Bitcoin (BTC), Federal Reserve Chair Jerome Powell said yesterday, is not a competitor of the…
Hut 8, one of the largest Bitcoin mining companies globally, has announced a significant strategic…
Publicly traded BIT Mining (BTCM) will continue its self-hosted mining operations for dogecoin (DOGE) and…
Bitcoin (BTC) and the broader crypto market are witnessing strong demand for bullish leveraged plays,…