![Why Ethereum [ETH] address outflows may be headed for DeFi](https://cryptonoiz.com/wp-content/uploads/2023/03/AMBCrypto_An_image_of_a_stylized_Ethereum_logo_with_arrows_poin_22f2aeff-c7bb-4c7d-aec7-547a37a35e82-1-1000x600-360x180.jpg){kind=logo}
According to a brand new Twitter submit on Tuesday, Canadian Prime Minister Justin Trudeau made vital remarks concerning newly elected opposition chief Pierre Pollievere’s pro-crypto platform, writing:
“We’ll additionally name out questionable, reckless financial concepts. Telling folks they’ll choose out of inflation by investing in cryptocurrencies is just not accountable management.”
In a separate TV look, Trudeau reiterated the remarks, including that “accountable leaders” should not advocate for people to “make investments their life financial savings in unstable cryptocurrencies.”
On Saturday, Calgary-born politician Pierre Pollievere received 68.15% of the votes in an election for the following chief of the Conservative Social gathering of Canada, or the official opposition to the incumbent Liberal Social gathering led by Justin Trudeau.
Pollievere is a pro-crypto advocate who has pledged to rework Canada into “the blockchain capital of the world,” citing optimistic job creation prospects throughout the Web3 sector and a decrease value to entry monetary merchandise as causes to assist the intent. In previous interviews, Pollievere claims that the federal government is “ruining the Canadian greenback,” and that Canadians ought to uconsider different types of cash, similar to crypto.
Earlier this yr, Canada declared a state of emergency after a convoy of truckers, dubbed the “Freedom Convoy,” blockaded the downtown space throughout the nation’s capital, Ottawa. The group advocated for an finish to all coronavirus-related lockdown measures and an finish to vaccine mandates.
In response, the Trudeau authorities invoked the nation’s Emergency Act, empowering banks to freeze funds associated to protestors’ actions. Subsequently, an Ontario decide ordered hundreds of thousands of Bitcoin-denominated donations to the group’s pockets handle to be frozen. The RCMP, or Canada’s federal police, additionally requested crypto exchanges to freeze wallets held by protestors.
As of July 2022, inflation in Canada stood at 7.6%, representing the very best degree up to now 40 years. In the meantime, cryptocurrencies haven’t held on as an “inflation hedge” this yr, with the general market cap of digital property falling over 60% from January.
