In an unexpected twist, Canadian Prime Minister Justin Trudeau is reportedly on the brink of announcing his resignation, which could open the door for a government that is more welcoming to Bitcoin. Although this decision isn’t yet finalized, sources suggest that the announcement might come as early as Monday. If true, this shift would leave the Liberal Party leaderless just ahead of an upcoming election.
A POSSIBLE SHIFT IN THE POLITICAL LANDSCAPE TOWARD BITCOIN
Trudeau’s anticipated exit comes amid a noticeable decline in the Liberal Party’s support, as recent polls indicate. According to CBC News’ Poll Tracker, the Conservative Party, under the leadership of Pierre Poilievre, enjoys a substantial 23% lead. Current projections suggest that if an election were held today, the Conservatives could capture around 44% of the vote. Notably, Poilievre has shown a positive stance toward Bitcoin, hinting at a future where policies might better embrace digital currencies.
David Bailey, the CEO of BTC Inc and a well-known advocate for Bitcoin, has fueled speculation by stating that Poilievre plans to create a “Strategic Bitcoin Reserve” for Canada. Bailey’s comments draw parallels with concepts that Donald Trump discussed during his campaign. At the Bitcoin 2024 Conference, Trump spoke about establishing a national reserve for seized Bitcoins and even proposed that Bitcoin could help settle the national debt of the United States.
POILIEVRE’S PASSION FOR BITCOIN
Poilievre’s enthusiasm for Bitcoin is well-documented. He previously argued that Bitcoin presents a means for Canadians to combat inflation, especially during a time when Bitcoin’s price hovered around $40,000. Since then, the cryptocurrency has surged, reaching an impressive peak of over $108,000—marking a staggering 170% increase. His commitment to Bitcoin was further illustrated when he made a purchase using the cryptocurrency at a local shawarma shop, showcasing the owner’s innovative approach to counteracting inflation.
Moreover, Poilievre has been vocal in his critique of the Bank of Canada regarding its treatment of Bitcoin investors. He pointed out inconsistencies in the central bank’s inflation forecasts, asserting that the real financial illiteracy lies within its walls. He advocates for a return to sound monetary principles, encouraging individuals to freely engage with Bitcoin and other emerging technologies.
LOOKING AHEAD
As Bitcoin continues to thrive in the market, Poilievre seems poised to take advantage of the evolving political climate in Canada, ensuring that he remains a prominent figure in the discussion around digital currencies.
Source: Bitcoinist
