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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.
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.
STORY CONTINUES BELOW
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.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
