Canadian Prime Minister Justin Trudeau has criticized the country’s new Conservative Party leader Pierre Poilievre for telling people they can “get rid of inflation” by investing in cryptocurrencies (opt out of inflation). Trudeau said the Conservative leader’s suggestion proved he was not a “responsible leader.”
Trudeau mentioned cryptocurrencies in a speech Monday ahead of the first full three-day cabinet caucus for Liberal MPs in Vancouver.
After congratulating Conservative MP Poliev on Saturday’s leadership election, Trudeau criticized Poliev, saying he was irresponsible, and slammed Poliev for his proposals on cryptocurrencies.
Previously, Poliyev advised Canadians to invest in Bitcoin because it would save them from inflation.
“Telling people they can invest their savings in volatile cryptocurrencies is irresponsible leadership,” Trudeau said.
“Furthermore, anyone who follows this advice will see their lifetime savings destroyed.”
Trudeau also criticized politicians who use “fashionable jargon, dog-whistle politics and casual attacks,” saying they “attack the institutions that make our society fair, safe, and free, not responsible leadership.”
Polyyev made his remarks about cryptocurrencies and inflation in March. Following his proposal, Bank of Canada Vice President Carolyn Rogers told the House of Commons Finance Committee: “We do not see cryptocurrencies as a way for Canadians to choose to fight inflation or a stable source of value.”
Polyyev, the Conservative leader, has been vocal in favor of Bitcoin. He previously confirmed that he holds personal financial interests in cryptocurrencies. During his campaign, Polyyev has been advocating cryptocurrencies as a safe-haven tool against inflation.
Poliyev also proposed banning the Bank of Canada from developing its own central bank digital currency, on the grounds that Canadians must use alternative currencies to pay. “If I were Prime Minister, I would repeal it and instead have the Audit Department audit their $400 billion in failed money printing,” he tweeted in April.
In another tweet in April, Poliyev criticized the Bank of Canada’s warning of “deflation” while borrowing $400 billion for Trudeau.
He publicly pledged in March to “unlock” the potential of cryptocurrencies and make Canada the “blockchain capital of the world.” Then, in April, Poliyev tweeted: “We again need sound money, but also buy-side and sell-side freedom to choose Bitcoin and other technologies.”
Investing in Cryptocurrencies Can Fight Inflation? The Canadian Prime Minister Criticizes Opposition Leader “Irresponsible” The first post on Blockbuster.