The Decentralized, Unregulated Cryptocurrency Industry is Very Popular Among Conservatives, Thanks to the Belief That it Increases Their “Freedom”; Freedom From Regulators, Freedom From Bankers and Freedom From Accountability Are Significant Draws Among Certain Segments of the Population
It should come as no surprise then that Pierre Poilievre, the aspiring leader of the Canadian Conservative party, who hopes to become Canada’s next Prime Minister, is a big fan of cryptocurrency.
At a recent campaign speech in London, Ontario, Poilievre announced his intention to make it easier for Canadians to use cryptocurrency as an actual currency instead of simply investing in it as “digital gold.” He wants to streamline the process of using cryptocurrency by establishing national regulations instead of the current patchwork of contradictory regulations between provinces.
In a press release following the speech, Poilievre stated:
“A Poilievre government would welcome this new, decentralized, bottom-up economy and allow people to take control of their money from bankers and politicians. It would expand choice and lower the costs of financial products, and create thousands of jobs for engineers, programmers, coders and other entrepreneurs.”
Much of the support for cryptocurrency appears to be a direct result of Poilievre and other Conservatives being fierce critics of Canada’s central bank, the Bank of Canada, and its monetary policies during the pandemic. Poilievre accused the Bank of Canada of creating “$400 billion in cash out of thin air” and contributing to sky-high inflation rates and the devaluation of the Canadian dollar.
Let people take back control of their money from bankers & politicians.
Expand choice, lower costs of financial products, create thousands of jobs.
— Pierre Poilievre (@PierrePoilievre) March 28, 2022
However, as noted by Genevieve Tellier, a professor at the University of Ottawa who specializes in public monetary policy, Poilievre’s plan would have little effect on the Bank of Canada itself.
Speaking on the matter, Tellier commented:
“He’s not revolutionizing anything. He’s not abolishing the Bank of Canada. So there’s a difference between the message and his strong rhetoric against the establishment and what we read with the fine print. He understands that cryptocurrency will not necessarily replace the Canadian dollar, contrary to what we understand when we read the headlines.”
Bitcoin (BTC) is currently changing hands at $39,927.49 per share, down -5.24% on the day. YTD BTC is down -16.44%.
Ethereum (ETH) is currently trading at $2,997.56 per share, down -6.4% on the day. YTD BTC is down -20.45%.
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Disclaimer: Wealthy VC holds does not hold a position in any of the stocks mentioned in this article.