YEREVAN (CoinChapter.com) — Canadian Prime Minister Justin Trudeau resigned on Jan. 7, following shortly after the exit of Finance Minister Chrystia Freeland in December. The resignation paves the way for Pierre Poilievre, leader of the Conservative Party, to become the front-runner in the Canadian federal election scheduled for Oct. 20. According to Polymarket odds, Poilievre has an 89% chance of winning.
Polymarket Odds for Canadian Election. Source: PolymarketPoilievre Gains Support from the Cryptocurrency Community
The cryptocurrency community has shown strong support for Pierre Poilievre. Elon Musk shared a video of Poilievre discussing inflation and government overspending. Musk captioned the video, “Perfectly articulated.”
Elon Musk Shares Pierre Poilievre’s Inflation Speech․ Source: XIn the video, Poilievre argued that inflation results from excessive government spending, borrowing, and money printing. Brian Armstrong, CEO of Coinbase, also praised Poilievre’s stance, replying with “Well said” under the video.
David Bailey, CEO of BTC Inc., suggested that Poilievre could establish a strategic Bitcoin reserve for Canada.
“Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve,”
Bailey stated in a post on X.
Pierre Poilievre’s Bitcoin Advocacy
Poilievre has been a vocal advocate for Bitcoin. During his 2022 campaign, he demonstrated Bitcoin’s practical use by purchasing a chicken shawarma in Ontario.
Pierre Poilievre Discusses Bitcoin at Tahini’s. Source: BitcoinOSThis act echoed other political leaders, such as Donald Trump, who used Bitcoin’s Lightning Network during his campaign in 2024.
Donald Trump Buys Burgers with Bitcoin . Source: PubKey_NYCIn April 2024, Poilievre supported legislation aimed at banning the introduction of a central bank digital currency (CBDC) in Canada. He has criticized the government’s control over financial systems and called for greater freedom for citizens to use cryptocurrencies.
Pierre Poilievre’s Blockchain Vision for Canada. Source: Pierre Poilievre on XOn April 1, 2022, Poilievre posted,
“Money-printing deficits make our wages go up in smoke. We need sound money again—and also the freedom for buyers and sellers to choose Bitcoin and other technology.”
Vancouver Explores Bitcoin Reserve
On Dec. 11, Vancouver City Council approved a motion introduced by Mayor Ken Sim to explore holding Bitcoin in reserve. The initiative also includes accepting cryptocurrency payments for municipal services. To support the plan, Sim pledged $10,000 worth of Bitcoin.
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