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- Poilievre is currently ahead in the competition to take over from Trudeau as Canada’s Prime Minister.
- He stands against central bank digital currencies and endorses the use of Bitcoin as a means to combat inflation.
- Parallels to Trump have ignited conversations regarding strategic Bitcoin reserves.
The forthcoming Prime Minister of Canada might be an individual attuned to financial matters and enthusiastic about Bitcoin.
Conservative leader Pierre Poilievre is perceived as a leading candidate to succeed Justin Trudeau, who declared his resignation as Prime Minister and head of the Liberal Party on Monday.
The 45-year-old Poilievre has vowed to reduce government expenditures, address inflation, and eliminate what he describes as “unjust taxation,” which pertains to money creation that frequently escalates consumer costs.
Poilievre recently remarked, “Inflation acts as a tax on the working class.”
Figures within the cryptocurrency sector regard Poilievre as a supporter, as he promotes the prohibition of central bank digital currencies and the investment in Bitcoin exchange-traded funds.
The upcoming federal election in Canada is scheduled to occur before October 2025, with the Conservative Party presently ahead in the surveys.
Bitcoin Agenda
Poilievre’s bid for Prime Minister is also leading in betting markets, boasting an 89% likelihood on Polymarket and 91% on Kalshi.
He is likened to U.S. President Donald Trump, who likewise advocates for Bitcoin and pledges to reduce expenditures.
Trump has recently appointed Elon Musk to lead a committee known as the Government Efficiency Office, focused on downsizing the federal government.
In the meantime, Musk has shared Poilievre’s addresses on social platforms and ridiculed Trudeau as an “insufferable tool,” showing his backing for Poilievre.
There is much speculation on cryptocurrency social media regarding Poilievre’s potential interest in creating strategic Bitcoin reserves in Canada.
Throughout his election campaign, Trump pledged to create a fund within the U.S., garnering backing from the cryptocurrency sector. David Bailey, the head of Bitcoin Magazine, stated on the X platform: “The Poilievre administration will establish a strategic Bitcoin reserve for Canada.”
While Vancouver is contemplating the establishment of its own Bitcoin reserve, there is no indication that Poilievre plans to enact a similar national strategy. He has also publicly opposed the Bank of Canada’s investigation into central bank digital currencies (CBDCs). He argues that CBDCs might result in increased governmental oversight of financial transactions and supports the idea that Canadians should have the freedom to utilize alternative currencies, including Bitcoin. Solana Increases by 8.59% on March 15: An In-Depth Look at $SOL Price Evaluation
Poilievre advocates for Bitcoin as a means to combat inflation, which has attracted criticism. In 2022 and 2023, as inflation surged in the U.S., Bitcoin declined alongside equities, questioning its role as a safeguard. During the 2022 congressional elections, Poilievre gained attention for purchasing shawarma with Bitcoin and contributing cryptocurrency to an animal charity in British Columbia. At that moment, he characterized Bitcoin as a method for Canadians to “regain control of their finances from bankers and politicians.”
Kyle Baird serves as the weekend editor for DL News. If you have any insights, please reach out via email at [email protected].
