{"id":108738,"date":"2021-01-18T15:13:44","date_gmt":"2021-01-18T15:13:44","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108738"},"modified":"2021-01-18T15:13:44","modified_gmt":"2021-01-18T15:13:44","slug":"amid-rising-debt-former-primer-minister-of-canada-calls-for-bitcoin-reserves","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/amid-rising-debt-former-primer-minister-of-canada-calls-for-bitcoin-reserves\/","title":{"rendered":"Amid Rising Debt, Former Primer Minister of Canada Calls for Bitcoin Reserves"},"content":{"rendered":"<h3>Key Takeaways<\/h3>\n<ul>\n<li>Stephen Harper, in an online conference, talked about the difference between the current recession and the 2008 financial crisis.\u00a0<\/li>\n<li>Harper raised uncertainty around the continued demand for U.S. dollars at prolonging low-interest rates.<\/li>\n<li>As confidence in the dollar weakens, Harper mentioned Bitcoin reserves with central banks alongside gold.\u00a0<\/li>\n<\/ul>\n<p><span>&ldquo;How long will the world loan trillions of dollars at zero percent to the U.S?&rdquo; asked Stephen Harper, the former Prime Minister of Canada. <\/span><span>While Harper himself doesn&rsquo;t hold any Bitcoin himself, he acknowledged its rising significance as an inflationary hedge.&nbsp;<\/span><\/p>\n<h2><strong>Countries Could Add Bitcoin Reserves<\/strong><\/h2>\n<p><span>Financial services firm Cambridge House organized an online event Vancouver Resource Investment Conference, which hosted experts to talk about the global economic scenario and their investment strategies.&nbsp;<\/span><\/p>\n<p><span>Stephen Harper was one of the delegates who spoke at lengths with Cambridge House CEO Jay Martin on the pandemic-induced recession.&nbsp;<\/span><\/p>\n<p><span>Harper noted that large-scale lockdowns and associated money printing had caused an asset price inflation more than the pandemic. <\/span>&ldquo;There are bubbles everywhere,&rdquo; said Harper.<\/p>\n<p><span>Further, the U.S. dollar is at the center of this global crisis. Demand for the greenback shot up when the crash hit the market, and since then, the U.S. government has been putting out fires by hurting the dollar and future debt crisis.&nbsp;&nbsp;<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/banner_042720_300x250-winning-in.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/oraclized_money_300x250.jpg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/adaptive_money_300x250.jpg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/simetri.cryptobriefing.com\/wp-content\/uploads\/2020\/05\/okcoin-MREC.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/simetri.cryptobriefing.com\/wp-content\/uploads\/2020\/05\/okcoin-MREC-2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/banner_042720_300x250-beating-the-crypto-market.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/300x250-Pro-BTC.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/05\/OKCOIN-MREC-build-btc-2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/05\/MREC-blue-r.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/060420-Cred-Banner-MREC-A.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/060420-Cred-Banner-MREC-B.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/07\/OKCOIN_MREC_070620.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/08\/082520-Phemex_MREC_B_trade_10_off.jpeg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/08\/081820-MREC-minimalistic.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/08\/081820-MREC-smallcaps.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/09\/093020-MREC-484.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/120920-Gemini_MREC_Join_the_crypto_exchange_2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/banner_122320_300x250-crypto-projects-10x-potential.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/11\/Nexo_earn_logo_300x250_x2.png\"><\/p>\n<p><span>In this scenario, the current &ldquo;debt overhang [dwarfs] 2008-2009&rdquo; and like the effects of that crisis, Harper predicts a &ldquo;series of sovereign debt crises like Greece, Italy, and Portugal.&rdquo;<\/span><\/p>\n<p><span>The U.S. dollar, too, may continue losing its position as a global reserve asset, but not completely due to a lack of alternatives. The euro is equally weak to the dollar, and the Chinese government may have far too much control over their native currency. <\/span><\/p>\n<p><span>What&rsquo;s left is increasing gold and perhaps even Bitcoin reserves. Harper said:&nbsp;<\/span><\/p>\n<blockquote>\n<p><span>&ldquo;Other than gold, Bitcoin, a whole basket of things, I think you&rsquo;ll see the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it.&rdquo;<\/span><\/p>\n<\/blockquote>\n<p>For Harper, the three key features for as asset to quality as money are unit of account, a medium of exchange, and store of value. According to the former PM, while Bitcoin qualifies for the first two qualities, it lacks intrinsic value.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-c@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-d@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-e@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-f@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/07\/Celsius_AZ_Banner_Large_20200721-1.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/11\/Nexo_earn_logo_300x250_x2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/120920-Gemini_MREC_Join_the_crypto_exchange_2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/banner_122320_300x250-crypto-projects-10x-potential.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/a.impactradius-go.com\/display-ad\/12209-931979\"><\/p>\n<p>Harper said:<\/p>\n<blockquote>\n<p>&ldquo;I don&rsquo;t know as a store of value what am I holding in Bitcoin as a major reserve on my balance sheet.&rdquo;<\/p>\n<\/blockquote>\n<p>In 2013, Greece&rsquo;s debt crisis kicked off a Bitcoin bull run. This time it could be another country.<\/p>\n<p>In the future, whether or Bitcoin can maintain its newfound global image as an inflationary hedge will determine the next phase of acceptance with central banks and institutions.<\/p>\n<p><em>Disclosure: The author held Bitcoin at the time of publication.<\/em><\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p>Source: <a href=\"https:\/\/cryptobriefing.com\/rising-debt-former-primer-minister-canada-calls-bitcoin-reserves\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Stephen Harper, in an online<\/p>\n","protected":false},"author":3,"featured_media":108737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amid Rising Debt, Former Primer Minister of Canada Calls for Bitcoin Reserves - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/amid-rising-debt-former-primer-minister-of-canada-calls-for-bitcoin-reserves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amid Rising Debt, Former Primer Minister of Canada Calls for Bitcoin Reserves - 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