Trudeau blasts Conservative leader’s support for Bitcoin

‘Telling people they can opt out of inflation by investing in crypto is not responsible’

Trudeau                                 
Trudeau criticised Poilievre for ‘attacking the institutions‘ that make Canada ‘fair, safe and free‘ – Photo:Shutterstock
                                

Trudeau takes aim at Poilievre

Canada’s Prime Minister, Justin Trudeau, has criticised the newly elected leader of Canada’s Conservative Party, Pierre Poilievre, for his support for Bitcoin. 

Speaking at the Liberal caucus retreat in New Brunswick, Trudeau criticised Poilievre for “attacking the institutions” that make Canada “fair, safe and free”.

He said: “Telling people they can opt out of inflation by investing their savings in volatile cryptocurrencies is not responsible leadership.

“By the way, anyone who followed that advice would have seen their life savings destroyed.” 

Poilievre's support for Bitcoin

While on the campaign trail in London, Ontario, in March, Poilievre said that he would “welcome this new decentralised, bottom-up economy and allow people to take control of their money from bankers and politicians.” 

Poilievre, who previously served as the Conservative Party’s official critic of the Minister of Finance, said that encouraging the then-burgeoning crypto sector would create thousands of jobs for programmers and engineers, would expand choice and would lower the cost of financial products. 

He said he would also collaborate with provinces “to align rules and definitions across jurisdictions to make it easy for blockchain companies to operate across Canadian jurisdictions at the same time without a cobweb of contradictory rules.” 

Trudeau is by no means the only figure to criticise Poilievre for his full-throated embrace of cryptocurrencies. During the Conservative Party leadership debates, his fellow Conservative rivals highlighted that the value of Bitcoin had sunk by more than 50% since Poilievre supported it.

In response, Poilievre criticised the Canadian central bank for printing C$400bn in notes, ($308bn), “leading to 30-year highs in inflation, doubling the house prices, leading to massive volatility in other sectors of our economy.” 

In recent weeks, Poilievre has sought to redirect attention on Canada’s high inflation and cost of living crisis. 

After winning a landslide victory of almost 70% of the votes in the party leadership contest, Poilievre said in his first address to the Conservative caucus: “Canadians are hurting, and it is our job to transform that hurt into hope.”

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