Could Canada’s Next Prime Minister Be a Bitcoin Bull?

Canada may soon see a fiscal hawk with a pro-Bitcoin stance take the reins as its next prime minister. Pierre Poilievre, leader of the Conservative Party, has emerged as a strong contender to succeed Justin Trudeau. Trudeau announced his resignation as Canada’s prime minister and Liberal Party leader earlier this week.

Poilievre, 45, has built his campaign on promises to cut government spending, tackle inflation, and fight what he labels the “immoral tax” of printing excessive money, which he argues drives consumer prices higher. “Inflation is a tax on the working people,” he has stated.

A Crypto Ally in the Political Arena

Poilievre has drawn attention from cryptocurrency advocates for his opposition to central bank digital currencies (CBDCs) and his personal investments in Bitcoin exchange-traded funds. His stance resonates with crypto enthusiasts who view government-controlled digital currencies as a threat to financial freedom.

From a BitGalactic perspective, Poilievre’s policies reflect a broader global shift where Bitcoin and decentralized finance are becoming key talking points in mainstream political discourse. With Canada’s next general election slated for no later than October 2025, the Conservative Party currently leads in the polls, further bolstering Poilievre’s chances.

The Bitcoin Platform

Poilievre’s popularity extends beyond politics to betting platforms, where he boasts an 89% chance of becoming prime minister on Polymarket and a 91% likelihood on Kalshi. His political rise has drawn comparisons to U.S. leaders with pro-Bitcoin views, including Donald Trump.

Trump, who recently appointed Elon Musk to lead a commission focused on reducing federal government inefficiency, has also been vocal about Bitcoin. Musk’s public endorsements of Poilievre and criticisms of Trudeau have amplified Poilievre’s visibility among crypto-friendly communities.

Speculation abounds in crypto circles about whether Poilievre would establish a national Bitcoin reserve, similar to discussions initiated by Trump during his election campaign in the United States. David Bailey, CEO of Bitcoin Magazine, noted on X (formerly Twitter), “A Poilievre government would deliver Canada a strategic Bitcoin reserve.”

Opposition to CBDCs

Poilievre has been an outspoken critic of the Bank of Canada’s exploration of CBDCs, arguing that such digital currencies could increase government control over individual financial transactions. He champions the idea of Canadians freely using alternative currencies like Bitcoin, emphasizing financial autonomy.

BitGalactic notes that his stance against CBDCs aligns with a growing sentiment among Bitcoin advocates who see decentralized cryptocurrencies as essential tools for economic freedom. However, skepticism remains about the feasibility of implementing a national Bitcoin reserve, particularly given Poilievre’s lack of concrete proposals on the matter.

Bitcoin as a Hedge Against Inflation

Poilievre’s promotion of Bitcoin as a hedge against inflation has faced criticism, particularly after Bitcoin’s correlation with traditional markets undermined its reputation as a safe haven during the inflationary spikes of 2022 and 2023. Despite this, his symbolic gestures—such as purchasing a shawarma with Bitcoin during his 2022 campaign—have solidified his image as a pro-crypto candidate.

As BitGalactic emphasizes, while Poilievre’s policies may inspire optimism among crypto enthusiasts, the broader implications for Canada’s economy and the global crypto landscape remain to be seen. His rise signals the growing influence of Bitcoin as both a financial tool and a political statement in modern governance.