Canadian Government’s Authoritarian Drift Accelerates Awareness That Bitcoin Is More Than Just a Store of Value

Bitcoin is the only global P2P payment system whose transactions cannot be censored.

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The COVID-19 pandemic will probably forever remain a tipping point for Bitcoin. The consequences of this pandemic of a magnitude not seen in decades will have highlighted more than ever the flaws in the current monetary and financial system, while at the same time highlighting to the general public all the advantages of Bitcoin.

The adoption of Bitcoin has accelerated dramatically over the past two years, and as of this writing, the network has over 130 million users.

However, I'll be honest with you, the majority of Westerners who own Bitcoin see the digital currency invented by Satoshi Nakamoto primarily as a great store of value. A digital gold that will replace the yellow metal in the world of the future where everything will become digital.

These people have no idea of using Bitcoin as a means of exchange or payment. Yet Bitcoin is primarily a P2P payment system. This is how the Bitcoin white paper describes the system. An open, transparent, and leaderless payment system. No one can claim to control the Bitcoin network, since it belongs to all users.

This reality about the potential of Bitcoin still eludes a majority of people in the Western world.

Government of Canada responds to peaceful protests with authoritarian drift and constitutional violation

However, certain current events are accelerating awareness of Bitcoin's potential as a payment system that allows you to break free from the censorship of the powerful people at the head of the current system. When I write this, it is the current events in Canada that I am thinking of.

Exasperated by the endless restrictions of freedom under the government's policy to fight the COVID-19 pandemic, Canadians decided to join the capital city of Ottawa to demand an end to the restrictions they no longer wanted. These Canadian citizens were confronted with a deaf Prime Minister in the person of Justin Trudeau. They went so far as to block a bridge through which 30% of the road trade between the United States and Canada passes.

This has exasperated the Canadian government more than ever. As soon as you touch money, things are taken much more seriously by the powerful people of the current system.

After three weeks of peaceful protests, Justin Trudeau has chosen the authoritarian path rather than the one of reason to counter his citizens. He instructed his finance minister to announce immediate authoritarian measures. Chrystia Freeland has been firing on all cylinders, even daring to say that these protests would be a “serious threat” to democracy:

“Around the world, liberal democracies have been facing serious and sustained threats. We may have thought – we may have hoped – that Canada would be spared. Over the past two and a half weeks, we have learned that it is not. This occupation and these blockades are causing serious harm to our economy, to our democratic institutions, and to Canada’s international standing.”

You read that correctly. Chrystia Freeland is telling us that peaceful protests are no longer the preserve of healthy democracies. It sounds like a nightmare to hear her outrageous words.

But the worst was yet to come in her speech:

“The government is issuing an order with immediate effect under the Emergencies Act authorizing Canadian financial institutions to temporarily cease providing financial services where the institution suspects that an account is being used to further the illegal blockades and occupations This order covers both personal and business accounts.”

What Chrystia Freeland has announced is nothing less than a violation of the constitutional right to protest and strike for the citizens of Canada. Indeed, those who do so may be arbitrarily cut off by their banks. As if that wasn't enough, the truckers' insurance can be canceled as well.

Imagine what Westerners would say if Nayib Bukele, the president of El Salvador, made this type of authoritarian decision in his country

Reuters reported that the Toronto-Dominion Bank (TD Bank) has already frozen two individual bank accounts in which 1.4 million Canadian dollars had been deposited in support of the protesters.

This is happening in a Western democracy, in Canada. As Nayib Bukele said in a tweet, what would Westerners say if this happened in El Salvador? The powerful people of the current system would talk about an odious dictatorship and oppression of the people. You are indeed facing a scandalous double discourse here.

This is just a continuation of the authoritarian drift of the Canadian government, which has already prevented the crowdfunding platforms GoFundMe and GiveSendGo from distributing the millions of dollars collected to buy food for truckers pounding the pavement in -20 degrees. Faced with this obvious denial of democracy, Canadians decided to withdraw their money from the banks. But again, the banks betrayed their customers by dragging their feet to fill the machines.

Government of Canada's authoritarian drift highlights Bitcoin as the only global payment system that cannot be censored

That's where Bitcoin comes in once again. The alternative P2P payment system gives power back to the people. So Canadians have begun to turn to Bitcoin, which is the only currency whose transactions cannot be censored by governments. A good way to remember that Bitcoin is much more than just a formidable store of value. Nearly a million dollars (around 21 BTC) has already been raised to support democracy in Canada.

What I think is most interesting about what is happening in Canada is that it is beginning to act as electroshock in the heads of many Westerners who have always thought they were safe from these authoritarian excesses. But no! This is not reserved only for countries ruled by autocrats or dictators. The current system is flawed at all levels, and the powerful people who run it are ready to do anything to impose their views without letting the democracies express themselves.

So you can see why I keep telling you that CBDCs are a threat to your privacy and that Bitcoin is your best option to protect yourself in the cashless future world that governments around the world are dreaming of. For those who still doubt it, you should know that the powerful people of the current system dream of being able to associate your biometric data to the wallets that will allow you to use these CBDCs.

You are about to fall into the nightmare of the surveillance society. And yet, you don't live in China ...

The powerful people at the head of the current system is looking to expand their power by making money conditional in the future. Dissenters can easily be deprived of their money once CBDCs have been accepted and spread among the population. Governments can also descend into total authoritarian economic control by rationing the population to prevent inflation from getting out of hand, or by pushing money to be spent via a virtual expiration date.

As you can see, all the risks I have been talking about for years are a reality. I'm not saying that the world of the future will fall into this worst-case scenario, but the Canadian example shows us that we can't rule it out. This is where owning Bitcoin will make a huge difference to your future, in my opinion. If you haven't bought Bitcoin yet, maybe it's time to take action. For the rest of you, keep on HODLing to be ready just in case...

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Some reading

• Some Politicians Think CBDCs Will Make Bitcoin Obsolete – They Won’t, Bitcoin Is Unique. More and more people will opt for the Bitcoin system in the future.

• Charlie Munger Calls Bitcoin a “Venereal Disease” – Elon Musk Gives Him the Best Answer. Sorry, Charlie, the venereal disease is not Bitcoin, but the debt-based system you worship.

• Bitcoin and KYC Policies – Everything You Need To Know (Risks, How To Protect Yourself, …). Whatever your choice, the important thing is to understand where the risks lie.

• How the IMF’s Attitude With Lebanon Fostered the Current Crisis, and Why Bitcoin Could Fix This. The openness and transparency of Bitcoin are the opposite of the opacity of the current system.

• How Much Will One Bitcoin Be Worth In 20 Years? Attempt to answer a question that many people continually ask themselves.