Carolyn Rogers – senior Deputy Official for the Bank of Canada (BOC) – recently denied the notion that cryptocurrencies could be a viable hedge against inflation. Citing their volatility, she stated that digital assets “don’t meet the test” of a stable source of payment, or value.
Another Banker Against Bitcoin
Liberal MP Yvan Baker asked the official on Monday whether digital currencies like Bitcoin could be an effective way for regular people to opt-out of inflation.
Like the United States, Canadian inflation is trending at an over 30-year high. March’s annual CPI increase clocked in at 6.7% – about the same as the US from November, and a whopping 100-basis points higher than the previous month.
“We don’t see cryptocurrencies as a way for Canadians to opt-out of inflation or a stable source of value,” said the official.
Bitcoin is often referred to as “digital gold” by industry insiders, due to its limited supply cap of 21 million coins. This makes it immune t
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