Following the resignation of Canadian Prime Minister Justin Trudeau, Conservative Party leader Pierre Poilievre is expected to be a major contender in the 2018 federal election. This election, scheduled for October 20, has the potential to be a watershed moment in Canada’s approach to bitcoin and blockchain technology.
The cryptocurrency sector has overwhelmingly supported Poilievre, who advocates for Bitcoin and innovation-driven legislation. His ideas on inflation and government expenditure have gained popularity, with notable personalities like Elon Musk and Brian Armstrong expressing their support. Musk, the CEO of Tesla and SpaceX, posted a video of Poilievre discussing inflation difficulties, calling his argument “perfectly articulated.” Similarly, Coinbase CEO Armstrong complimented Poilievre’s economic stance, reinforcing his message to the global financial world.
David Bailey, CEO of BTC Inc., stated that Poilievre might lead Canada in establishing a national Bitcoin reserve, which may boost the country’s economic resilience. This proposal is consistent with similar initiatives advocated by U.S. President Donald Trump, who has stated intentions for a Bitcoin reserve by 2024.
Poilievre’s support for Bitcoin is not new. During his 2022 campaign, he demonstrated Bitcoin’s utility by completing transactions using it. He has frequently underlined Canada’s need to embrace blockchain technology, placing the country as a global leader in the field. Poilievre has stated resistance to the implementation of a central bank digital currency in Canada, demonstrating his dedication to financial independence and innovation.
Prediction markets are increasingly confident in Poilievre’s victory. He presently has an 89% chance of winning, far ahead of competitors like Chrystia Freeland and Jagmeet Singh. Betting volumes have surpassed $500,000, showing substantial support for his candidacy among crypto aficionados and investors.
Meanwhile, Vancouver is moving toward Bitcoin adoption. In December, the city council accepted a motion to investigate maintaining Bitcoin reserves and accepting cryptocurrencies as municipal payments. Mayor Ken Sim, who spearheaded the concept, offered $10,000 in Bitcoin to jumpstart the initiative, emphasizing its potential to improve the city’s financial stability.
As the October election approaches, Poilievre’s pro-Bitcoin agenda has the potential to alter Canada’s financial and technical landscape, ushering in a new era of cryptocurrency in the country.
