Canadian Prime Minister Justin Trudeau announced his resignation on January 7, following the unexpected departure of Finance Minister Chrystia Freeland. This has paved the way for Conservative Party leader Pierre Poilievre, who has emerged as the leading candidate to succeed Trudeau, with the federal election scheduled for October 20. Poilievre, known for his pro-Bitcoin stance, has garnered significant support from the cryptocurrency community.
Prominent figures such as Tesla and SpaceX CEO Elon Musk have expressed their endorsement of Poilievre after Musk shared a video of him discussing inflation and criticizing government spending. Brian Armstrong, CEO of Coinbase, also praised Poilievre’s economic insights.
In a recent statement, David Bailey, CEO of BTC Inc., predicted that Poilievre could lead Canada in establishing a national Bitcoin reserve, advocating for Bitcoin as a strategic national asset to bolster economic stability and counteract inflation.
Poilievre’s advocacy for Bitcoin is not new. During his 2022 campaign, he made headlines by using Bitcoin to purchase a chicken shawarma in Ontario and has been vocal about positioning Canada as a global hub for blockchain technology. He has argued for sound money practices and the freedom for people to utilize Bitcoin and alternative technologies.
Prediction markets, such as Polymarket, suggest Poilievre is favored to become Canada’s next prime minister, given his commanding 89% odds compared to his closest rival, Deputy Prime Minister Chrystia Freeland, who holds a distant 6.5%. The total betting volume on this outcome has surpassed $507,000.
Adding to the pro-Bitcoin sentiment, Vancouver’s city council, led by Mayor Ken Sim, has proposed exploring the idea of holding Bitcoin in reserve for municipal financial stability. Mayor Sim committed to donating $10,000 worth of Bitcoin to advance this initiative.
