Bitcoin and cryptocurrency will be a top priority in Canada according to Prime Minister candidate Poilievre when talking about his future plans for the country.
Mr. Pierre Poilievre, the Conservative Party leadership candidate, said that he plans to decentralize Canada’s economy if he assumes the post in government. He added that he wants to normalize Bitcoin, Ethereum, and other cryptocurrency coins in the Canadian economy and reduce the influence of central banks.
Poilievre spoke in a shawarma shop that accepts Bitcoin payments in Ontario and said that the Bank of Canada created “$400 billion in cash out of thin air” during the COVID-19 pandemic, as reported by CBC News.
This was done legally by the Bank of Canada through a policy called quantitative easing. He attributes the rise in inflation to quantitative easing, which he believes has resulted in housing prices reaching all-time highs and inflation reaching 30-year highs.
The Prime Minister candidate also said that choice and competition can lead to better money and financial products for Canadians. Poilievre views cryptocurrency as an addition to providing Canadians with the ability to escape inflation through the use of cryptocurrency
Poilievre argued on Monday that the Canadian government is ruining the market value of the Canadian dollar. With that, he believes that all Canadians should have the freedom to use alternative currencies, such as Bitcoin, Ethereum, and crypto coins.
According to CBC News, he stated, “Choice and competition can give Canadians better money and financial products. Not only that, but it can also let Canadians opt-out of inflation with the ability to opt-in to crypto currencies. It’s time for Canadians to take back control of their money and their lives by making Canada the freest country on earth”.
In addition, he believes that politicians and bankers should have less financial control in Canada, and the general public should have more financial freedom. This includes the freedom to own and use cryptocurrencies, tokens, smart contracts, and decentralized finance.
When asked about a possible China-style crackdown on cryptocurrency, Poilievre stated that if he were to be elected prime minister, he would “keep crypto legal and reject a China-style crackdown.”
The Chinese government has banned cryptocurrencies because the government believes Bitcoin and similar products could destabilize existing financial systems and fuel fraud and money laundering.
Poilievre noted that he would like cryptocurrency to be treated the same way gold and other commodities are when it comes to taxation.
He also notes that hopes to foster “a new, decentralized, bottom-up economy” by establishing a more liberal regulatory environment.
Read Also: Google Chrome Security Update: CVE-2022-1096 a High-Severity Zero-Day Exploit
Bitcoin has again proven its strength in this volatile market. Bitcoin, Ethereum, and other cryptocurrencies are surging in market price. Bitcoin has continued to increase its price for seven consecutive days now.
Entering this new year, Bitcoin’s price in 2022 was at $47,740; it was Bitcoin’s highest price since the year started. However, things have changed in the market. On the last day of February, Bitcoin’s price was at $37.992. However, upon entering March, Bitcoin price was at $41,346.
Bitcoin price today is now at $47,980. If Bitcoin can continue to break through in a significant way, according to Matt Maley, chief market strategist at Miller Tabak + Co., it will gain a significant amount of upside momentum.
As reported by iTech Post, “Even though weekend trading can be thin, Maley is keeping an eye on an “ascending triangle” pattern that can be seen in the movement of Bitcoin.”
Bitcoin is not the only one ascending in value, Ethereum is also experiencing a price increase.
Ethereum price last February 28 was at $2,646; there is significant price difference from the Ethereum price today at $3,364.
Related Article: Bitcoin Surges Past $45,000 – Can It Go Higher?
© 2022 iTech Post All rights reserved. Do not reproduce without permission.
Get the Most Popular iTechPost Stories in a Weekly Newsletter