Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
A government led by Pierre Poilievre would do more to make cryptocurrencies like Bitcoin more mainstream in Canada. The candidate promised he would “decentralize” the economy and lessen the power of central bankers.
Many libertarian investors often say that cryptocurrency is an excellent way to get rid of government control over money. Bitcoin supporters say that it represents a valid strategy to protect against inflation because its supply is limited.
Canada Blockchain – Poilievre’s Statement
Poilievre said that during the COVID-19 crisis, the Bank of Canada made “cash out of thin air.” In particular, he blamed the institution’s Quantitative Easing (QE) for the rise in prices that has hit the country.
The Bank of Canada has used quantitative easing (QE) to help people credit and spending after the Covid-19 crisis. QE came to an end in October 2021, when the economy started to improve.
He is the party’s finance critic, and he doesn’t like QE and similar monetary policies. Poilievre sees the ability of the government to print money as an implicit form of taxation.
As a prime minister, Poilievre promised that he would encourage crypto usage and avoid a “China-style crackdown.” The Chinese government declared war on crypto, fearing chaos in existing financial systems.
An Economic War Against the Government
Poilievre said that he wanted to take control of money away from bankers and give it back to the people. Afterward, he bought chicken shawarma with BTC and took a picture of the meal.
In short, Poilievre claimed he meant to give people the freedom to choose other money over fiat currencies. He believes the government’s way of using money is wrong, and he wants to let people select “higher-quality cash.”
No elected official in Ottawa has paid more attention to money over the last few years than Poilievre. To get into the leadership position with the Conservatives, he is campaigning very hard. According to the polls, the Conservatives have a good chance of replacing the Liberals.
A Populist Message or a True Opening for Crypto in Canada?
Cryptocurrency is becoming more and more important to policymakers in government and central banking. Political and regulatory issues rose to prominence during the protests by truckers in February. Cryptocurrencies were a way to get around government rules on donations in this phase.
A more fundamental change is taking place in how money works in the digital world. With the growth in online payments, crypto projects are taking a hit at the role of central banks.
“Blockchain and crypto capital of the world”: This is what Mr. Poilievre says he wants to do in Canada. Some people want to use decentralized finance and make their own money in the sector.
He is trying to make himself a leader of this group. This fight could change the role of the Canadian Dollar in the economy in the long run.
His populist message may sound appealing to Canadian voters. At its fastest rate in 30 years, inflation is eating away at the dollar’s purchasing power and lowering wages. Canada is also coming off a significant monetary policy experiment with unclear long-term effects.
A Wise Use of Cryptocurrency Evangelism
In Poilievre’s view, the goal of QE was to make money and let the Liberal government spend freely. Finally, he said that the government cuts down on the public debt load by inducing inflation.
Poilievre’s argument is relatively straightforward. If central banks can make money out of thin air, people may be better off using stabler currencies.
These ideas often mention the gold standard, a currency foundation for many years. This regime linked the creation of money to the amount of gold owned by the government.
Conclusion on Canada, Blockchain, and Trudeau Challenger
Poilievre appeared to be using BTC to pay for shawarma at a local restaurant in a social media post. He said the shop owner had outsmarted the government to fight inflation.
His press release said that the government is ruining the Canadian dollar. In his view, people should be able to use other forms of money.
Other candidates in the country are not focusing their campaigns on the blockchain. Poilievre is looking for a competitive advantage against his adversaries, leaving uncertainty on what he would do if he is elected.