HighPierreInflation: Prices Double for Poilievre's Bitcoin Bros

On 28 March 2022, Pierre Poilievre stated: “The Trudeau government is ruining … the Canadian dollar, so Canadians should have the freedom to use other money, such as Bitcoin…Choice and competition can give Canadians better money and… let Canadians opt-out of inflation with the ability to opt-in to crypto currencies.”

https://web.archive.org/web/20221003183845/https://www.pierre4pm.ca/make_canada_the_blockchain_capital_of_the_world

Poilievre put his money where his mouth was on March 28 and used a restaurant bitcoin machine to buy a shawarma.

What has happened to those who tried to opt out of inflation in Canadian dollars by using bitcoin to pay for daily living expenses?

April was the first full month that someone could have followed Poilievre's "opt out of inflation with bitcoin" example. September is the latest month in Statistics Canada's Consumer Price Index (CPI) report.

The number of bitcoins needed to pay for CPI items jumped by 103.6% in the five months from April to September, while prices measured in Canadian dollars rose just 1.9%.

On a monthly basis, prices in Canadian dollars rose 0.1% from August to September vs. 10.5% for prices measured in bitcoins. The good news for bitcoin users was that 10.5% monthly inflation in September was lower than 31% in June and 30.1% in May.

I define HighPierreInflation as consecutive monthly inflation rates at or above 30% for bitcoin users.

https://www.thestar.com/opinion/contributors/2022/09/22/pierre-poilievre-not-fit-to-pick-bank-of-canada-governor.html

HighPierreInflation will not be over for Canadian bitcoiners until 12 months through June 2023 go by without another instance of bitcoin monthly inflation at or above 30% in two consecutive months.

(Adil Sayeed is a former member of the Progressive Conservative Party, who opted into the Liberal Party.)

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