In response to a number of stories, Canadian Prime Minister Justin Trudeau might quickly step down, probably opening the door for a extra Bitcoin-friendly authorities. In response to Reuters, Trudeau is “more and more more likely to announce he intends to step down,” though no remaining determination has been made. A supply accustomed to the matter instructed the information company that the choice may come as early as Monday, noting that Trudeau’s departure would go away the ruling Liberal Celebration and not using a everlasting chief forward of a looming election deadline.
Why Canada Might Flip Professional-Bitcoin
Trudeau’s rumored exit coincides with polls signaling a notable decline in Liberal assist. In response to CBC Information’ Ballot Tracker, the official opposition Conservatives led by Pierre Poilievre have constructed a commanding 23% lead, with projected 44% of the vote going to them if an election had been held at the moment. Notably, Poilievre has voiced pro-Bitcoin sentiments previously and may usher in insurance policies extra welcoming of digital property.
BTC Inc CEO David Bailey, who was instrumental in “orange pilling” US President-elect Donald Trump’s, has fueled the rumors, stating by way of X at the moment that “Pierre Poilievre will ship Canada a Strategic Bitcoin Reserve.”
Bailey and different consultants on X observe that this echoes Trump’s personal plans: throughout his marketing campaign on the Bitcoin 2024 Convention, he spoke of building a “nationwide stockpile” for seized BTC and even floated the thought of paying off the US nationwide debt with BTC.
Poilievre’s historical past with BTC advocacy is properly documented. He as soon as argued that Bitcoin may allow Canadians to “decide out of inflation,” at a time when 1 BTC hovered round $40,000. Since then, the the BTC worth has surged, reaching a excessive of over $108,000 at one level a – 170% surge. Poilievre famously showcased his assist for Bitcoin by buying shawarma with Bitcoin in March 2022, quipping that “you’ll by no means consider how [a shop owner] outsmarted authorities to beat inflation. Immediately, I’m shopping for lunch from him—and bringing my Bitcoin pockets.”
He additionally posted by way of X in April 2022: “The Financial institution Of Canada says Bitcoin-ers lack monetary literacy. This from the identical individuals who promised we’d have “deflation” proper earlier than inflation hit a 30 yr excessive. It’s our central financial institution that’s financially illiterate,” in addition to “Cash-printing deficits make our wages “go up in smoke”. #JustinFlation. We want sound cash once more—and likewise the liberty for patrons and sellers to decide on Bitcoin and different expertise.”
Regardless of BTC’s robust efficiency, Poilievre confronted criticism from the Liberal Celebration and different political adversaries. Critics labeled his stance a political wedge subject, prompting him to go comparatively quiet on the matter.
Nonetheless, in a November 2024 speech, Poilievre argued that Canadians “must be free to resolve whether or not or not they need to use Bitcoin,” including that he had no need to “ban Bitcoin” like another nations. He has additionally been a vocal opponent of Central Financial institution Digital Currencies, as soon as stating emphatically, “There might be NO Central Financial institution Digital Foreign money.”
Whereas no official plans or insurance policies have been confirmed, the opportunity of a BTC reserve seems nearer than ever for Canada. If Trudeau does step down and Poilievre turns into the subsequent prime minister, many within the BTC sphere consider Canada may comply with within the footsteps of rising pro-BTC policymakers on the worldwide stage.
At press time, BTC traded at $99,318.
Featured picture from YouTube, chart from TradingView.com