Justin Trudeau’s Crackdown Will Make Bitcoin and Cash More Popular
https://ift.tt/eQAoXbY
Aaaaaaaaand it’s gone. Emergency Act revoked by Trudeau, frozen accounts will be unfrozen relatively quickly as a matter of law.
Government may try to enact legislation that gives it more powers financially / with banks to do stuff like this in the future without the Emergency Act (will take months to draft up and months to pass, if it possibly even CAN pass, the Liberals don’t have a majority government so at least NDP or Conservatives would have to go along with it), but Trudeau is running a minority government here, he’d need the NDP’s support and whilst *they did* support the Emergency Act I kinda don’t think they’ll support a permanent piece of legislation, they were very clear (and so was Trudeau, for that matter) that they only supported the Emergency Act for a brief time and would rescind support if it went on for too long or was abused, etc. Well 8 days later the invocation is gone, so NDP basically got what they voted for / wanted, but I feel like “Hey NDP guys, let’s make some of that stuff we did permanent?” May get a “No?” from them…? Maybe not, who knows.
Also, if some are correct here, which they think they are, and Trudeau got rid of it BECAUSE a bank run was actually taking place (I doubt this, but whatever), in that case, I highly doubt he’d then go “Hey, you know the thing that was gonna just be for 30 days but 8 days in we had a bank run starting and we had to hastily revoke it? Yeah, uh, how about instead, we make it a permanent thing?” Sounds so plausible and popular and very likely to earn re-election from! /s
Y’all can theorize all you want about why the act was revoked, but yeah… It is over in either case. The glorious Canadian bank runs of 2022 have been officially cancelled. This may move the needle on Bitcoin adoption for some people though. Yet, you all hate Trudeau for that, should be thanking him.
“My enemy is both super weak but also incredibly powerful, and also has created a situation in which assets I hold could very likely benefit, but I’m also incredibly upset, whaaaaa!”
Cryptocurrency
