Ark Invest analyst Yassine Elmandjra commented on a video that featured Canadian Deputy Prime Minister Chrystia Freeland announcing that bank accounts had been frozen and more would be frozen in relation to the recent unrest in the country.
What Happened: Freeland in the video can be seen saying that details about cryptocurrency wallets have been shared by the RCMP with financial institutions for freezing purposes. Noting this, Elmandjra said “the world needs Bitcoin (CRYPTO: BTC) in its purest form now more than ever.”
The world needs Bitcoin in its purest form now more than ever.
— Yassine Elmandjra (@yassineARK) February 17, 2022
Move your BTC off of exchanges. No government or entity will ever be able to freeze it if you custody it yourself. https://t.co/Fp9s0W4hQg
“Move your BTC off of exchanges. No government or entity will ever be able to freeze it if you custody it yourself,” the Ark analyst said.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Freeland had said earlier in the week that banks can freeze or suspend bank accounts without a court order and without fear of civil liability.
Her comments came after Prime Minister Justin Trudeau invoked the Emergencies Act amid protests against COVID-19 restrictions that took place in Ottawa and the U.S.-Canada border.
A crowdfunding platform, Tallycoin, had raised nearly $1 million in Bitcoin for truckers protesting the pandemic-related restrictions.
Last year, Ark Invest CEO Cathie Wood had laid out a $500,000 target for Bitcoin in 5 years and said she’s keeping an eye on the second-largest coin by market cap, Ethereum (ETH) — amid growing decentralized finance and nonfungible token spaces.
Read Next: At press time, BTC traded 7.8% lower at $40,530.46 over 24 hours.
