While campaigning (for Conservative Party leader), Pierre Poilievre promoted cryptocurrency as a hedge against inflation.
He held an undisclosed amount of investments (tokens). Of course, the more people that invest, the more valuable the stocks become, thus his recommendation.
FTX, the third largest cryptocurrency exchange in the world, has now collapsed and it’spractically worthless. Bitcoin has lost more than 65% of its value.
I wonder how many people have lost their retirement funds by heeding the recommendations of Poilievre to invest in an unsecured token and an extremely risky investment and abandon their Canadian dollar investments?
Poilievre has also indicated his desire to replace the governor of the Bank of Canada for not reacting with (higer) interest rates sooner. The biggest impacts on inflation are food and petroleum costs and interest hikes do nothing to impact these commodities. Even the Bank of Canada does not include these two in the Consumer Price Interest when calculating interest rates.
In many ways—in addition to finance—Poilievre has indicated his lack of acumen and his support is just not understandable – other than his supporters’ open animosity for (Prime Minister) Justin Trudeau, whose policies have done much to improve the lives of many Canadians, to the chagrin of the more financially well-to-do.
Canadian inflation is ranked 12th highest in the G20 nations, The U.S.A. is ranked 10th, so globally we are doing well.
Poilievre has indicated his ability to reduce global inflation – despite COVID, a lack of labour, increased labour costs, supply chain issues, higher tariffs, weather resulting in less food production, geopolitical unrest, etc. How do people still give Poilievre credibility?
It reminds me of the (former U.S. president Donald Trump) who had a panacea for U.S. problems. How did that work out? Yet both continue to have significant support.