TL;DR Breakdown
- Canadian MP Piolievre backs Bitcoin for legalization
- Bitcoin over the last two years
Pierre Piolievre, the Prime Minister candidate of the Canadian Conservative Party, has publicly declared support for the use of Bitcoin as a legal tender in the country. In a video posted on Monday by YouTube channel BITCOIN, the formal shadow minister of Finance and Member of Parliament (MP) for Carleton is seen addressing about 100 people at a local shawarma restaurant in Ontario, which employs a Bitcoin payment system.
During his speech, Piolievre stated the need for “more financial freedom” and also blamed the current economic inflation of over 5% – the highest level of inflation in the country in the last 30 years – on the Government’s policy of Quantitative Easing during the COVID-19 pandemic. “Government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as bitcoin,” he said.
The Canadian Government Banned Transactions with 34 crypto wallets in February
Piolievre’s public support comes a few weeks after the Canadian Government’s show of hostility towards the use of cryptocurrency. In February, Justin Trudeau, the incumbent Prime Minister of Canada, invoked the Emergencies Act – the first time the law was used since its passing in 1988 – which allowed the Canadian Government to close accounts without needing a court order.
This was done in a bid to clamp down on the Freedom Convoy Protests – against the compulsory COVID 19 Vaccination of truckers to cross the U.S border. The Canadian Government directed the freezing of certain bank accounts and prohibited bank transactions with 34 crypto wallets that held a combined value of $1.4 million, all of which were linked to receiving donations for the truck drivers’ protests.
Bitcoin’s Tremendous Growth in the Last Two Years
Since the invention of Bitcoin in 2009, many investors have applauded the token as a tool of financial freedom. Unlike fiat currencies, Bitcoin is decentralized and not regulated by any single authority. Also, due to its limited number in circulation – 21 million units, the premier cryptocurrency is believed to be resistant to inflation.
Furthermore, in the last two years, the digital asset has experienced an unprecedented increase in value, hitting an all-time high of $64,800 on April 14, 2021. This period also recorded a high level of investment in Bitcoin by individuals, companies, and even Governments. Recently, the Republic of El Salvador declared the token a legal tender.
Pierre Piolievre believes Bitcoin – and cryptocurrency as an entity – can improve the Canadian economy if given the legal backing it needs. He stated that if elected into the Office of Prime Minister, he will formalize the usage of cryptocurrencies in Canada and bring out a decentralization of the economy which will reduce the control of the central bank. By crafting new policies and removing what he termed a “cobweb of contradictory rules”, Piolievre plans to create a more enabling environment for cryptocurrency transactions.
