Key Takeaways
- Canada’s new prime minister, Mark Carney, is a long-time Bitcoin critic.
- Carney beforehand led the Financial institution of Canada and Financial institution of England.
- He helps CBDCs however served on Stripe’s board throughout its crypto adoption.
Mark Carney, a former central banker and vocal Bitcoin critic, has been elected as Canada’s new prime minister in a landslide victory on March 9.
Carney beforehand served as governor of the Financial institution of Canada (2008-2013) and the Financial institution of England (2013-2020) earlier than coming into politics.
Carney has been vital of Bitcoin for years.
In March 2018, he argued that Bitcoin’s fastened provide cap results in “severe deficiencies”, likening it to a failed gold customary:
Recreating a digital world gold customary could be a felony act of financial amnesia.
He additionally dismissed Bitcoin’s reliability as a retailer of worth, pointing to its worth fluctuations as making it an unreliable asset for monetary planning.
Help for CBDCs & crypto trade ties
Regardless of his criticism of Bitcoin, Carney has advocated for central financial institution digital currencies (CBDCs), suggesting they may assist fight financial crime and broaden banking entry.
Nevertheless, his time on the board of Stripe (2021-2025) coincided with the fee agency adopting crypto fee options from 2022 to 2024.
Carney’s stance on US tariffs
Past Bitcoin, Carney used his March 9 victory speech to criticize Donald Trump’s tariffs on Canadian items, calling them an assault on the Canadian financial system.
He pledged to keep up retaliatory tariffs till the U.S. treats Canada with “respect.”