Bitcoin Hits All-Time High Against Canadian Dollar
The price of Bitcoin (BTC) has reached an all-time high against the Canadian dollar, surpassing its previous record set in November 2021. This comes after Canadian Prime Minister Justin Trudeau criticized digital currencies as an โirresponsibleโ investment. The asset soared to over $91,500 CAD when the stock market opened on Monday, breaking its previous record of $86,954.
Justin Trudeauโs Criticism
In the past, Justin Trudeau expressed his disapproval of cryptocurrencies and advised against investing savings in volatile assets like Bitcoin. He argued that this was not responsible leadership and claimed that following such advice would result in the destruction of life savings.
Pierre Poilievreโs Support for Bitcoin
Pierre Poilievre, the leader of Canadaโs Conservative Party, took a different stance on Bitcoin during his leadership race. He catered to Bitcoiners and promoted the asset as a potential hedge against inflation. However, his opponents criticized him when Bitcoinโs price dropped back to 2017 levels later that year.
Conservatives Dominating Liberals in Polls
Currently, Poilievreโs Conservatives are leading in national polling, with surveys projecting a potential landslide majority win if an election were held today. Bitcoin aligned well with Poilievreโs anti-inflation campaign, in which he blamed Trudeau for reckless government spending and irresponsible monetary policy.
Dollar Discrepancy
The discrepancy between the Canadian dollar and the US dollar is noticeable when comparing their respective exchange rates with Bitcoin. While Bitcoinโs USD price is close to breaking its all-time high, reaching $67,900 on Monday compared to $69,000 in 2021, the Canadian dollar has fallen against the US dollar since November 2021.
Bitcoinโs Unusual Rise
Bitcoinโs price has been surging at a faster rate than its traditional 4-year cycle would suggest. Typically, new highs are reached after Bitcoinโs 4-year โhalvingโ event. However, this time, the halving is still over a month away. The launch of Bitcoin spot ETFs in the US has contributed to the increased demand for Bitcoin.
Conclusion: Bitcoin Reaches All-Time High Against Canadian Dollar
Bitcoin has reached an all-time high against the Canadian dollar, despite previous criticism from Canadian Prime Minister Justin Trudeau. Pierre Poilievre and his Conservatives have embraced Bitcoin as part of their anti-inflation campaign, gaining support in national polls. The discrepancy between the Canadian dollar and the US dollar is evident in their respective exchange rates with Bitcoin. The surge in Bitcoinโs price is notable as it deviates from its usual 4-year cycle. The launch of Bitcoin spot ETFs in the US has further driven demand for the cryptocurrency.
Hot Take: Bitcoin Continues to Defy Expectations
The price of Bitcoin against the Canadian dollar reaching an all-time high demonstrates the resilience and unpredictability of cryptocurrencies. Despite initial criticism and skepticism from political leaders like Justin Trudeau, Bitcoin has continued to prove its worth as an investment asset. Pierre Poilievreโs support for Bitcoin and his anti-inflation campaign have resonated with voters, resulting in a strong showing for his Conservative Party in national polling. As Bitcoinโs price defies expectations and traditional market cycles, it remains a fascinating and ever-evolving digital asset.
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