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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.
Updated May 11, 2023, 4:39 p.m. Published Sep 13, 2022, 2:06 p.m.
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.
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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.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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