Conservative Leader Pierre Poilievre faced pointed criticism from MPs Monday during a House of Commons debate on proposed cryptocurrency legislation — with Liberal, NDP and Bloc deputies all accusing the Tory leader of bankrupting some seniors by promoting products like bitcoin.
MPs used the debate on Bill C-249 — a private member’s bill first introduced by Conservative MP Michelle Rempel Garner — to read Poilievre’s past statements praising cryptocurrency into the record and blast him for promoting what some called a “Ponzi scheme” that lost money for scores of investors.
With crypto prices in the basement after a series of recent scandals, Liberal MP Kevin Lamoureux said he’s surprised the Conservative Party would push now for legislation designed to encourage the sector’s growth in Canada.
“How many seniors on fixed income used part of their life savings to invest in something that was recommended by the leader of Canada’s Official Opposition party?” said Lamoureux, parliamentary secretary to the House leader.
“The leader said one of the best ways to fight inflation here in Canada is to invest in cryptocurrency. Imagine all those Conservative delegates and possibly others who might have been listening to the Conservative leader?”
“Imagine all the seniors who listened to the Conservative leader?” added another Liberal MP, Stéphane Lauzon. “What position would they be in now?”
Polievre was not in the Commons for the debate.
Bitcoin is trading at roughly $16,000 US — 75 per cent lower than its value in November 2021.
That means if you invested $10,000 in bitcoin at this time last year, you’d have just $2,500 left of that initial investment — an eye-popping loss of value for any financial product.
According to a federal ethics commissioner filing, Poilievre held an investment in bitcoin as of May 4.
He declared an ownership stake in the Purpose bitcoin exchange-traded fund (ETF), an investment that closely tracks the price of bitcoin. If Poilievre still…
