According to a new Twitter Post On Tuesday, Canadian Prime Minister Justin Trudeau made critical remarks about newly elected opposition leader Pierre Polivar’s pro-crypto platform, writing:
“We would also call questionable, reckless economic ideas. Telling people that they can get out of inflation by investing in cryptocurrencies is not responsible leadership.”
On a separate TV show, Trudeau reiterated the remarks, adding that “responsible leaders” should not advocate for individuals to “invest their life savings in volatile cryptocurrencies.”
On 10 September, Calgary-born politician Pierre Polivre won 68.15% of the vote in the election of the next leader of the Conservative Party of Canada, or official opposition to the incumbent Liberal Party led by Justin Trudeau.
Poliver is a pro-crypto advocate who has promised to turn Canada into the “blockchain capital of the world”, citing positive job creation prospects within the Web 3.0 sector and low costs to access financial products. In previous interviews, Poliver claims that the government is “wasting the Canadian dollar,” and that Canadians should consider other forms of money, such as crypto.
Earlier this year, Canada declared a state of emergency after a convoy of truck drivers, dubbed the “Freedom Convoy”, blocked the city area within the nation’s capital, Ottawa. The group advocated an end to all coronavirus-related lockdown measures and an end to the vaccine mandate.
In response, the Trudeau government invoked the Country of Emergency Act, which gave banks the right to deposit funds related to the activities of protesters. Subsequently, an Ontario judge ordered the freezing of millions of bitcoin-worth donations to the group’s wallet addresses. The RCMP, or the Federal Police of Canada, also urged crypto exchanges to freeze wallets held by protesters.
As of July 2022, inflation in Canada was 7.6%, representing the highest level in the past 40 years. Meanwhile, cryptocurrencies haven’t been positioned as an “inflation hedge” this year, with the total market cap of the digital asset falling by more than 60% since January.
.jpg)
