Emily Walker
Recent reports suggest that Canadian Prime Minister Justin Trudeau may be on the verge of stepping down, potentially paving the way for a government more favorable to Bitcoin. As per Reuters, Trudeau is said to be “more likely to announce he intends to step down,” though a final decision has yet to be made. An insider indicated to the news outlet that the announcement might come as soon as this coming Monday, leaving the Liberal Party without a permanent leader just as a significant election deadline approaches.
Potential Shift Towards Bitcoin in Canada
The speculation surrounding Trudeau’s departure comes alongside polls that reveal a significant drop in support for the Liberal Party. For example, CBC News’ Poll Tracker shows that the Conservative Party, led by Pierre Poilievre, currently enjoys a considerable 23% lead, with projected support of 44% if an election were held today. Poilievre has previously expressed pro-Bitcoin views, potentially indicating a shift towards more favorable policies for digital currencies.
David Bailey, CEO of BTC Inc and a key figure in promoting Bitcoin to influential leaders, has added fuel to the speculation, tweeting that “Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve.”
According to Bailey and other analysts on X, this mirrors similar proposals made by Donald Trump during his campaign, which included establishing a “national stockpile” for seized Bitcoin assets and even suggesting that Bitcoin could be used to help reduce the U.S. national debt.
Poilievre’s advocacy for Bitcoin is well established. He has previously suggested that Bitcoin offers Canadians a way to “opt out of inflation,” particularly when its value was around $40,000. Since that time, Bitcoin’s price has significantly increased, hitting a peak of over $108,000—a 170% rise. In a memorable display of his support, Poilievre purchased shawarma with Bitcoin in March 2022, humorously remarking about how the shop owner “outsmarted government” to combat inflation.
In April 2022, he criticized the Bank of Canada on X, pointing out their financial misconceptions while calling for “sound money” and the freedom for individuals to choose Bitcoin. He framed his comments with hashtags like #JustinFlation, emphasizing the need for a different monetary approach.
Despite Bitcoin’s rise in popularity, Poilievre has faced backlash from the Liberal Party and other opponents, who argue that his focus on Bitcoin is politically motivated. This criticism led him to somewhat downplay the topic temporarily.
Yet, in a speech from November 2024, Poilievre made it clear that Canadians should have the autonomy to choose whether to engage with Bitcoin, and he opposed any attempts to ban it as seen in some countries. He has also voiced strong resistance against Central Bank Digital Currencies, firmly stating, “There will be NO Central Bank Digital Currency.”
While nothing official has been announced, the establishment of a Bitcoin reserve seems increasingly plausible for Canada. If Trudeau does step down and Poilievre takes office, many within the Bitcoin community anticipate that Canada might align with other emerging pro-Bitcoin policymakers worldwide.
As of now, Bitcoin is trading at $99,318.
