Canada’s Prime Minister Justin Trudeau does not view crypto investments as a useful hedge against the country’s inflation. According to him, encouraging people to invest in cryptocurrencies as a way to bypass inflation would be irresponsible on his part and on the part of other leaders in the country.
A Reckless Economic Idea
Trudeau said on Twitter today that he recently met with members of his political team, speaking to them about some of their duties to the country. Through a video and a series of tweets, the prime minister highlighted some of the things that he said in the meeting.
Today, ahead of this next session of Parliament, I spoke with our team about our priorities – and about our unwavering commitment to be there for people across the country. For more on our plan to keep delivering for Canadians, here’s some of what I said: pic.twitter.com/e1sjq7kiKA
— Justin Trudeau (@JustinTrudeau) September 13, 2022
He pointed out that investing in cryptocurrencies should not be viewed as a protection against inflation. The PM noted that those considered leaders in the country, such as parliamentarians, will not be acting responsibly if they tell citizens that investing in crypto is how they will not be affected by inflation.
“Telling people they can opt out of inflation by investing their savings in volatile cryptocurrencies is not responsible leadership…” he said.
Trudeau added that the idea of crypto investment as the solution to Canada’s inflation is a questionable and reckless one that needs to be called out.
“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.”
Hedging Against Inflation
Interestingly, not everyone shares the same view as Justin Trudeau regarding the role crypto assets play in times of inflation.
Earlier this year, a survey conducted by crypto exchange Gemini revealed that more than 30,000 investors worldwide purchased digital assets in 2021, most of which were first-time buyers. Per the report, inflation was what primarily influenced the massive crypto adoption.
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