Analyst Says Canadian Truckers' Protest Has Big Implications For Bitcoin And Crypto

The truckers' strike in Canada,  that created a stir locally and drew international support for demonstrators, is settling down, but not before underlining the financial freedom that cryptocurrencies stand for.

When the protest was at its peak, Canada's Deputy Prime Minister Chrystia Freeland issued an ultimatum to the protesters – steer clear of the demonstrations or face the risk of your bank accounts being frozen without a court order.

Canada's Tough Stance Makes The Case For Cryptos: Permissioned money or fiat currencies can "control access to food and shelter" and in turn can control free speech, Loup Funds Managing Partner, Doug Clinton said in a blog post.

It is now loud and clear that cryptos can do something better than fiat currencies, while fiat currencies are censored, cryptos cannot be, Clinton said.

Against the backdrop of the Canadian truckers' protest, it is now clear that some of the anti-crypto narratives do not hold true, the analyst added.

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While there is an argument that crypto is merely a tool for drugs, money laundering and other criminal behavior, one has to realize that freedom comes with a cost, Clinton said.

Secondly, those who highlight the mushrooming of scams in the crypto ecosystem should be cognizant of the fact that all emerging technologies have to contend with "grifters and gamblers" initially, the analyst noted.

"As crypto gains more widespread acceptance, it will be harder for scammers to take advantage of more sophisticated users. This is another cost of freedom," Clinton said.

Cryptos Enablers Of Free Speech: Crypto's advantage, the analyst said, becomes clearer as attacks on free speech increase.

"Whatever happens with fiat, I am more certain that crypto has an irreplaceable function as the ultimate enabler of free speech," the analyst said.

Cryptocurrencies now appears to have one more use case added to them – a safe haven when governments clamp down on the freedom of expression.

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Photo: Courtesy of michael_swan on Flickr