Canadian Prime Minister Justin Trudeau Condemns Cryptocurrency as a Means of Avoiding Inflation

It has been reported that the Prime Minister of Canada, Justin Trudeau, is worried about the future of his nation and has done all in his ability to connect with all members of parliament to develop responsible leadership. In a recent tweet from earlier this week, he attacked a few hazardous economic ideas as unsound. 

In Terms of inflation, Prime Minister Justin Trudeau is Anti-crypto

In a tweet, he made it quite clear that Canadians shouldn’t be misled to believe that they may escape inflation by purchasing cryptocurrency. He said this in a very direct manner. 

He took a stand against individuals in authoritative positions who were battling against immunizations that may potentially save lives. 

He also cautioned individuals who responded to leadership instead of pandemic treatment, which has helped preserve employment and benefit families. All of them, according to him, constitute ineffective leadership.

According to a national news site, annual inflation in Canada was 7.6% in July, which is much more than the 2% target the Bank of Canada set for itself. Several other central banks worldwide have recently raised their key interest rates to combat rising prices.

For a long time, proponents of Bitcoin have maintained the position that the scarcity of the currency would shield holders’ buying power from the effects of uncontrolled inflation. Despite the meteoric price rise, Bitcoin’s market worth has decreased by half to a total of $427 billion during this year.

Canadians are Suffering From the Impact of Inflation

Inflation is the process through which general consumer prices increase, and it is caused by a reduction in the buying power of a currency. As a result of inflation in Canada reaching its highest level in over 40 years, Canadians are beginning to feel the strain on their finances.

The Bank of Canada has increased its benchmark interest rate by one percentage point, bringing it to a total of 2.5%, to reduce the pace of inflation. The consensus among industry watchers is that the Bank of Canada will increase its benchmark interest rate this fall, but by a smaller percentage point than previously anticipated.

The move taken by the Trudeaus was seen as a response to the government’s declaration that it is hostile against the governing Liberal Party, which Justin Trudeau leads. On September 11, Pierre Poilievre, a person who is favorable toward Bitcoin, was selected as the next leader of the Conservative Party in Canada with 68.15% of the vote.

Pierre Poilievre has said that if he were to be elected as Prime Minister of Canada, he would work with provincial authorities to “unlock” the potential of cryptocurrencies. This would help unravel the regulatory web surrounding cryptocurrencies and make Canada a “World Leader in Blockchain.” Poilievre’s statements were made in a previous election campaign.

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