- Bitcoin has outperformed inflation and the S&P 500 over the past year, contradicting Prime Minister Trudeau’s warning.
- Canadian Members of Parliament, from both Liberal and Conservative Parties, hold digital assets despite Trudeau’s skepticism.
Bitcoin’s Triumph Over Inflation and Political Skepticism
In a surprising turn of events, Bitcoin (BTC) has demonstrated its resilience against inflation and market fluctuations, despite Canadian Prime Minister Justin Trudeau’s earlier admonition against investing in the cryptocurrency.
Bitcoin vs. Inflation:
Approximately one year ago, Trudeau publicly criticized opposition leader Pierre Poilievre’s suggestion that Canadians should consider investing in Bitcoin to safeguard against inflation, deeming it “irresponsible leadership.” However, recent data tells a different story. Over the past calendar year, Bitcoin has seen an impressive 15% increase in its value. In contrast, the U.S. Bureau of Labor Statistics reported a 6.5% inflation rate, while Statistics Canada reported a slightly higher rate at 6.8% annually.
Bitcoin vs. S&P 500:
Not only did Bitcoin beat inflation, but it also outperformed the S&P 500, a prominent index of the largest publicly traded companies in the United States. This remarkable performance showcases Bitcoin’s potential as a hedge against economic instability.
Digital Asset Ownership Among Canadian MPs:
Despite Trudeau’s skepticism regarding cryptocurrencies, several Members of Parliament from both the Liberal and Conservative Parties own digital assets. Pierre Poilievre himself, a prominent advocate for Bitcoin, made headlines when he purchased Shawarma with Bitcoin during a campaign stop in March 2022. Additionally, his disclosed holdings include shares of the Purpose Bitcoin ETF (BTCC).
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Other notable MPs with digital asset holdings include Liberal MP Chandrakanth “Chandra” Arya, who owned Bitcoin, Ether, and units of 3iQ’s Bitcoin fund and Ether fund in 2021. Joël Lightbound, representing the Quebec riding of Louis-Hébert for the Liberal Party, owns shares of Purpose’s Bitcoin and Ether ETFs, as well as Bitcoin and Solana tokens.
Exploring Diverse Digital Asset Portfolios:
Vancouver MP Taleeb Farouk Noormohamed, while known for his real estate activities, also holds a diverse digital asset portfolio, including Bitcoin, Ether, and Stacks (STX), the native token of the Stacks Network. These digital assets offer unique opportunities and serve as a testament to the growing interest in cryptocurrencies among Canadian politicians.
In conclusion, Bitcoin‘s performance over the past year contradicts initial skepticism and serves as a testament to its potential as an inflation hedge. Moreover, the diverse ownership of digital assets among Canadian Members of Parliament underscores the growing acceptance of cryptocurrencies in the political landscape.
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