Canadian Prime Minister Justin Trudeau earlier this week criticized the opposition party for calling on the country’s citizens to invest in bitcoin to defeat inflation. Trudeau, using Twitter, said that targeting Canadian citizens to invest in cryptocurrencies is an irresponsible act.
Justin Trudeau’s criticism came after representatives of the Conservative Party of Canada elected veteran legislator Pierre Pualevre, who actively advocates for cryptocurrencies, as their new leader.
Earlier this year, Pualevre attacked Trudeau for injecting $400 billion into the Canadian economy, which significantly spurred the growth of inflation. Pualevre supported the use of active fiat alternatives, including Bitcoin.
Crypto enthusiasts around the world have been talking for several years about using digital assets as a way to preserve the value of their own funds in an era of high inflation. At the same time, in 2022, the market capitalization of BTC halved to $427 billion, despite rampant inflation.
Canada ranks second in the world after the United States in the volume of transactions with crypto assets. The country has developed a network of ATMs for cryptocurrencies, and the central Bank of Canada is working on creating its own digital asset based on the blockchain network.