Justin Trudeau Calls Rival’s Views On Bitcoin Irresponsible

Table of Contents

• Irresponsible Leadership 
• A Campaign Focused On Fiscal Discipline 
• Blockchain Capital Of The World 
• Bitcoin’s Dramatic Drop 

The Conservative Party of Canada elected Calgary-born Pierre Poilievre as their next leader. Prime Minister Justin Trudeau wasted no time in taking on his new opponent, criticizing his very public position on crypto. 

Irresponsible Leadership 

It’s no secret that Canada’s newly elected Conservative Party leader is a Bitcoin and crypto enthusiast, and Prime Minister Trudeau is not a fan. Speaking on Monday at St. Andrews, New Brunswick, Prime Minister Trudeau was highly critical of his new rival, slamming his views on Bitcoin and Crypto. The Prime Minister stated, 

“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.”

Twitter continued his attack on Poilievre on Twitter, stating that his views were not the signs of a responsible leader. 

“We’ve made every effort to work with all Parliamentarians over the years, and we’ll continue to do so. But we’ll also call out questionable, reckless economic ideas – because Canadians deserve responsible leadership. 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.”

Trudeau’s comments irked many Bitcoin enthusiasts and maximalists. 

A Campaign Focused On Fiscal Discipline 

Poilievre secured a landslide victory as the leader of the Conservative Party of Canada, securing over 68% of the vote. In contrast, Poilievre’s closest rival, Jean Charest, was able to secure only around 16% of the vote. Poilievre ran a campaign that focused on fiscal responsibility and reducing inflation, especially since it relates to an increase in the money supply. This is a common argument put forward by Bitcoin supporters, who put forward the cryptocurrency as an alternative to fiat money thanks to its fixed supply.

Poilievre is a fervent supporter of Bitcoin and has been very public about his news during campaigning, having appeared on well-known Bitcoin podcasts. Thanks to Bitcoin’s limited supply of 21 million, it has earned the moniker of digital gold and a hedge against inflation, something which Trudeau is heavily critical of. 

Blockchain Capital Of The World 

Poilievre has promised to make Canada the blockchain capital of the world and pointed to positive job creation in the Web3 ecosystem, along with easier access to financial products and services. Poilievre has often hit out at the Canadian government, stating that it has ruined the Canadian dollar. 

“Government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as Bitcoin.”

He has also tweeted donation links, calling on supporters to take back control from bankers and politicians and make Canada the world’s blockchain capital. 

Bitcoin’s Dramatic Drop 

Despite the ongoing narrative of Bitcoin being digital gold, the cryptocurrency, along with the rest of the crypto markets, has registered a significant drop as world economies grapple with record inflation. The price of Bitcoin has fallen off a cliff and is down nearly 69% from its all-time high of $69,000, registered in November of last year. 

This dramatic price decline has made Poilievre vulnerable to attacks from political opponents over his fierce support of Bitcoin. Poilievre has also come under significant criticism from liberal and conservative opponents over his support for the Freedom Convoy protestors. Canada has been facing record inflation in recent months, which as of July 2022, stood at 7.6%, its highest level in 40 years. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.