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Canadian Prime Minister Justin Trudeau Attacks Opposition for Recommending Bitcoin as Inflation Hedge
Earlier this year, Pierre Poilievre, the new leader of the opposition Conservative Party, said he supports bitcoin as an inflation-beating asset.
Updated May 11, 2023, 4:39 p.m. Published Sep 13, 2022, 2:06 p.m.
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.
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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.
Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership. Fighting against life-saving vaccines is not responsible leadership. Opposing the pandemic supports that saved jobs and helped families is not responsible leadership.
— Justin Trudeau (@JustinTrudeau) September 13, 2022
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.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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