One of the biggest reasons why people invest in assets like gold, Bitcoin and altcoins is because they act as hedges against bad government policy.

Look at Venezuela. The beleaguered country’s currency, the bolivar, isn’t worth the paper it’s printed on due to draconian socialist policies. As such, an outsized percentage of Venezuelans rely on Bitcoin as a store of value and to help make ends meet.

A less severe example—though no less impactful—is Canada. In case you haven’t heard, there’s a new bill being considered, C-10, that some critics worry could lead to the Canadian government’s regulation of the content you post on YouTube, Facebook and other social media sites. Although the bill’s main advocate, Heritage Minister Steven Guilbeault, has tried to make it “crystal clear” that the government seeks only to oversee “professional” content creators and not everyday social media users, fears persist that people’s freedom of speech is in jeopardy.

Even Google, which owns YouTube, has voiced concerns. “We remain concerned about the unintended consequences, particularly with regards to the potential effects on Canadians’ expressive rights,” the company said in a statement.

This is precisely what members of the crypto community call FUD, or fear, uncertainty and doubt.

Normally used to refer to something or someone who tries to spread negative information about crypto (Elon Musk?), FUD also summarizes how Canadians feel about the proposed legislation.

The Bitcoin Pullback Is Normal and Healthy

Speaking of Elon Musk, investors yanked $98 million out of Bitcoin investment products last week, the most on record, after the Tesla chief announced in a tweet that he was suspending vehicle purchases using the cryptocurrency. This amount was enough to offset net inflows of $48 million into all other digital asset funds. Ether funds, for instance, attracted $27 million, bringing the crypto’s weekly trading volume to an incredible $4.1 billion, the most ever, according to CoinShares.

Total weekly crypto flows turned negative as bitcoin saw record outflows
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