Nowadays, it would be a fair assumption to make that Bitcoin (BTC) and cryptocurrencies, in general, are receiving a lot more attention compared to what it was like in the past. Most recently, Canada’s People’s Party Leader, Maxime Bernier, stated that he believes Bitcoin could be a new, interesting and innovative method of potentially countering central banking.
The most interesting aspect about his support for Bitcoin, however, is the fact that this was announced just as the country is about to have a federal election, which has thus led many to believe that Maxime may have ulterior motives and that securing more votes is the main reason behind this sudden and unexpected support for crypto.
Countering central banks
It was via Twitter earlier on in the week that Maxime revealed his support for Bitcoin, wherein he also talked about the role that central banks play and how these financial institutions are essentially destroying Canada’s economy. He admitted that while his personal preference may be for silver or gold, he recognizes the popularity of cryptocurrencies and believes that the new digital asset class can be used to counter the central banks in a way that was not possible before.
This is not the first time that Maxime has criticized central banks, as his statements coincide with what he has previously said about the current Canadian administration under Justin Trudeau. Maxime has condemned the heightened inflation regarding the country’s money supply and has also complained about the monetary system in general. He claims that Canada’s current Prime Minister has been largely ‘preoccupied with funding his own gigantic deficits and abusing Keynesian apparatchiks.’
Maxime, therefore, mentioned that there is a fixed supply cap when it comes to Bitcoin’s network, namely 21 million tokens. He thus believes that crypto could be the solution that Canada needs regarding the country’s inflationary monetary policy. He has even gone as far as to claim that Bitcoin may be Canada’s ‘only chance’ going forward.
Bitcoin continues to receive political support
As alluded to earlier, we are in a new age where cryptocurrencies are being talked about with more seriousness and legitimacy comparative to the past. We all know about El Salvador’s decision to make Bitcoin legal tender by now, but others such as Ukraine have also been conducting similar efforts to further legitimize cryptocurrencies.
In related news, nearly 50% of Brazilians were observed to have been in favor of what El Salvador has managed to accomplish, and the country could follow in President Nayib Bukele’s footsteps too before long.