{"id":28952,"date":"2022-09-14T02:28:09","date_gmt":"2022-09-14T02:28:09","guid":{"rendered":"http:\/\/egrowonline.com\/?p=28952"},"modified":"2022-09-14T02:28:09","modified_gmt":"2022-09-14T02:28:09","slug":"justin-trudeau-slams-pierre-poilievre-for-telling-people-they-can-opt-out-of-inflation-by-investing-in-cryptocurrency-economics-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=28952","title":{"rendered":"Justin Trudeau Slams Pierre Poilievre for Telling People They Can ‘Opt out’ of Inflation by Investing in Cryptocurrency \u2013 Economics Bitcoin News"},"content":{"rendered":"


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Canadian Prime Minister Justin Trudeau has slammed Pierre Poilievre, the new leader of the Conservative Party of Canada, for telling people that they can \u201copt out of inflation\u201d by investing in cryptocurrencies. <\/strong>Trudeau claims that his Conservative rival\u2019s crypto advice is not \u201cresponsible leadership.\u201d<\/strong><\/p>\n

Justin Trudeau Calls Pierre Poilievre\u2019s Crypto Advice Irresponsible Leadership<\/h2>\n

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.<\/p>\n

After congratulating Conservative member of parliament Pierre Poilievre for winning his party\u2019s leadership on Saturday, Trudeau criticized his new rival\u2019s politics, calling it irresponsible. The Canadian prime minister also attacked Poilievre\u2019s advice about cryptocurrency.<\/p>\n

Referring to Poilievre\u2019s suggestion to Canadians that investing in bitcoin could allow them to \u201copt out\u201d of inflation, Trudeau stressed:<\/p>\n

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Telling people they can opt out of inflation by investing their savings in volatile cryptocurrencies is not responsible leadership.<\/p>\n<\/blockquote>\n

\u201cBy the way, anyone who followed that advice would have seen their life savings destroyed,\u201d the Canadian prime minister claimed.<\/p>\n

Trudeau also criticized politicians for using \u201cbuzzwords, dog whistles, and careless attacks,\u201d stating that they \u201cdon\u2019t add up to a plan for Canadians.\u201d He continued: \u201cAttacking the institutions that make our society fair, safe, and free is not responsible leadership.\u201d<\/p>\n

Following Poilievre\u2019s statement in March about crypto and inflation, the Bank of Canada\u2019s senior deputy governor, Carolyn Rogers, told the Commons finance committee: \u201cWe don\u2019t see cryptocurrencies as a way for Canadians to opt out of inflation or as a stable source of value.\u201d<\/p>\n

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.<\/p>\n

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. \u201cAs PM, I would scrap that and instead allow the Auditor General to audit their $400 billion money-printing fiasco,\u201d he tweeted in April, emphasizing:<\/p>\n

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The Bank of Canada has zero business developing its own digital currency.<\/p>\n<\/blockquote>\n

In a different tweet in April, he criticized the Canadian central bank for warning about \u201cdeflation\u201d but then printed $400 billion \u201cfor Trudeau to borrow, causing worst inflation in 30 years.\u201d<\/p>\n

In March, Poilievre promised to \u201cunleash\u201d the potential of cryptocurrencies and make Canada \u201cthe blockchain capital of the world.\u201d In addition, he tweeted in April: \u201cWe need sound money again \u2014 and also the freedom for buyers and sellers to choose bitcoin and other technology.\u201d<\/p>\n

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.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA 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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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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