Home CryptocurrencyAltcoin Canadian Prime Minister Justin Trudeau said investing in cryptocurrencies is not an escape from inflation

Canadian Prime Minister Justin Trudeau said investing in cryptocurrencies is not an escape from inflation

by SuperiorInvest

According to In a new Twitter post on Tuesday, Canadian Prime Minister Justin Trudeau made critical remarks regarding newly elected opposition leader Pierre Pollievere’s pro-crypto platform, writing:

“We will also call out dubious, reckless economic ideas. Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership.”

In a separate television appearance, Trudeau reiterated his remarks, adding that “responsible leaders” should not advocate that individuals “invest their life savings in volatile cryptocurrencies.”

Calgary-born politician Pierre Pollievere won 68.15% of the vote Saturday in the election to become the next leader of the Conservative Party of Canada, the official opposition to the incumbent Liberal Party led by Justin Trudeau.

Pollievere is a pro-crypto advocate who has pledged to turn Canada into the “blockchain capital of the world,” citing positive prospects for job creation in the Web3 sector and lower costs of accessing financial products as reasons to support the plan. In past interviews, Pollievere claims the government is “ruining the Canadian dollar” and that Canadians should consider other forms of money, such as cryptocurrencies.

Earlier this year, Canada declared a state of emergency after a convoy of trucks, dubbed the “Freedom Convoy,” blocked downtown Ottawa. The group called for an end to all measures related to the coronavirus and an end to vaccination mandates.

In response, the Trudeau government invoked an emergency law that allows banks to freeze funds related to the protesters’ activities. Subsequently, an Ontario judge ordered millions in bitcoin donations the wallet address of the group to be frozen. The RCMP or the Canadian Federal Police has also requested cryptocurrency exchanges freeze wallets held by protesters.

In July 2022, inflation in Canada was 7.6%, the highest level in 40 years. Meanwhile, cryptocurrencies have not held up as an “inflation hedge” this year, with the total market capitalization of digital assets falling more than 60% since January.

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