Canadian Prime Minister Justin Trudeau announced his resignation on Jan. 7, following the abrupt departure of his finance minister, Chrystia Freeland.
Conservative Party leader Pierre Poilievre is now widely seen as the front-runner to become Canada’s next prime minister, with the federal election set to take place on Oct. 20.
The cryptocurrency community has expressed overwhelming support for Poilievre, who has positioned himself as pro-innovation and pro-Bitcoin (BTC).
Tesla and SpaceX CEO Elon Musk shared a video of Poilievre discussing inflation and government spending, captioning it, “Perfectly articulated.”
Source: Elon Musk
In the video, Poilievre explains that inflation is driven by excessive government spending and borrowing, which reduces the value of money for ordinary citizens.
Coinbase CEO Brian Armstrong also responded to Poilievre’s economic stance, replying, “Well said,” under the viral clip of Poilievre addressing inflation.
On Jan. 7, David Bailey, CEO of BTC Inc., said that Poilievre could lead Canada toward establishing a national Bitcoin reserve.
“Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve,” Bailey said in an X post.
A strategic Bitcoin reserve involves accumulating Bitcoin as part of a nation’s assets, similar to how countries hold gold or foreign currencies. Such reserves aim to strengthen economic stability and hedge against inflation.
In July 2024, during a campaign rally, US President-elect Donald Trump pledged to create a strategic Bitcoin reserve for the United States.
Related: Alabama should establish Bitcoin reserve, says state auditor
Poilievre’s Bitcoin advocacy
Poilievre has been an outspoken supporter of Bitcoin.
During his 2022 campaign, Poilievre purchased a chicken shawarma using Bitcoin at an event in Ontario, echoing Trump’s visit to PubKey — a Bitcoin-themed bar in New York City — in July 2024, where he purchased burgers and drinks using the Bitcoin Lightning Network.
In 2022, Poilievre made several statements advocating Bitcoin adoption and positioning Canada as “the blockchain capital of the world.”
“Money-printing deficits make our wages go up in smoke. We need sound money again—and also the freedom for buyers and sellers to choose bitcoin and other technology,” he posted on April 1, 2022.
More recently, in April 2024, Poilievre voiced his support for legislation aimed at banning the introduction of a central bank digital currency in Canada.
Prediction markets favor Poilievre
According to Polymarket, crypto bettors overwhelmingly favor Poilievre to become Canada’s next prime minister, with his odds at 89%. This puts him far ahead of his nearest rival, former deputy prime minister Chrystia Freeland, whose odds are just 6.5%.
Jagmeet Singh, leader of the New Democratic Party, stands at 1.6%, while outgoing Prime Minister Trudeau’s odds dropped to below 1% after his resignation.
The total volume of bets placed on this prediction has climbed to $507,658.
Vancouver’s Bitcoin-friendly approach
On Dec. 11, Vancouver’s City Council passed a motion introduced by Mayor Ken Sim, proposing the city explore holding Bitcoin in reserve and accepting cryptocurrency payments for municipal services.
Sim pledged to donate $10,000 worth of Bitcoin to kickstart the initiative.
“It would be irresponsible for the City of Vancouver to not look at the merits of adding Bitcoin to the city’s strategic assets to preserve the city’s financial stability,” the motion stated.
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