At the start of 2022, a Canadian opposition party leader said he supported Bitcoin. Pierre Poilievre said that he believes Bitcoin could curb inflation. However, not many people were open to the idea. On Monday, 11 September 2022, Justin Trudeau openly criticized Pierre for supporting bitcoin. Justin Trudeau is against the idea that Bitcoin could help reduce inflation. According to Trudeau, this economic decision is reckless and questionable.
It is not good leadership to tell people that they can avoid inflation by investing in cryptocurrencies,” Trudeau said on Twitter, calling the opposition’s economic ideology reckless and dubious.
The Canadian Conservative Party had just elected Pierre Poilievre as its new leader. The party is now Canada’s main opposition party, and its leader is a Bitcoin supporter. On the other hand, Pierre had attacked Trudeau early this year for adding $400 billion into the economy. The 400 billion increased inflation.
Can Bitcoin Help to Reduce Inflation?
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.
Canada’s first Bitcoin ETF hit $421.8M this year. Polivre wants Canada to be the blockchain capital of the world. Like most loyal Bitcoiners, Poilievre doesn’t seem to be a big fan of fiat currency. He lashed out at the Bank of Canada for failing to curb runaway inflation. During his tenure, he also pledged to sack central bank governors, investigate bank activity, and halt the development of central bank digital currencies (CBDCs).
“The Bank of Canada has no business developing its digital currency. As Prime Minister (Prime Minister), I will repeal it and allow the General Accountability Office to audit their $400 billion banknote printing debacle”.
Canada Might Fully Adopt Bitcoin
Canada introduced emergency powers under its anti-money laundering and terrorist financing Regulations. The 2025 Canadian Prime Minister election could turn out to be global. This is because Bitcoin supporters battle cryptocurrency opponents.
The Conservative Party of Canada (CPC) elected Ontario’s Bitcoin (BTC) pro-MP Pierre Polivre as the party’s new leader. Poirivre received more than 68% of the Conservative votes. His closest rival, Jean Charest, received only 16% of the total votes for him. Not only did Poilievre dominate the ballots, but he was also the frontrunner in nearly every constituency across Canada.
Poilievre is now poised to challenge current Prime Minister Justin Trudeau for Canada’s top job in 2025. This means Canadians could soon have the opportunity to elect a pro-Bitcoin prime minister – a first in North American politics. Poirivre is an inspiration to bitcoin investors. His terms indicate that he has better ideas for cryptocurrency users.
It is only a matter of time before Bitcoin joins the list of cryptocurrency adoption. Even though the market conditions are harsh, cryptocurrency has provided a platform for employment. Many people are looking for digital solutions to earn a living, and cryptocurrency is among them.