Justin Trudeau shocked the crypto market with a surprise resignation announcement Today. Now, pro-Bitcoin opposition leader Pierre Poilievre is expected to win a landslide election in the subsequent election—but does this mean Canada’s crypto policy is heading for a huge reversal?
The 23rd President of the great Northern nation of Canada has finally resigned after sustained unpopularity in roles that pressured his position. The move comes ahead of the inauguration of the new President of the United States, Donald Trump, and some have speculated that Trudeau is seeking to step aside to avoid any unwanted economic tensions with Canada’s stubborn Southern neighbor.
Trudeau has been a divisive figure as Canada’s Premier since 2015, with public views ranging from staunch support for the once-Young Liberal Party upstart to condemnation after his failure to stem rapid consumer price inflation alongside growing tensions around housing and migration.
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The outgoing Prime Minister has been seen as an anti-crypto figure over recent years. Real tensions first arose in February 2022 after Justin Trudeau invoked the Emergencies Act in response to the ‘Freedom Convoy’ protests—which in some instances saw cryptocurrency transactions frozen or seized—sparking the first public debate about crypto’s role in circumventing financial regulations.
This was later followed in November 2022 by the Financial Sector legislative review, which initiated the first discussions with Canadian crypto stakeholders on balancing the future of money – emphasizing financial sector stability and security in the face of digital assets.
Around this time, Trudeau criticized Opposition Leader Pierre Poilievre’s suggestion that Canadians could opt out of Trudeau’s inflation by investing in cryptocurrencies (which, in hindsight, was really good advice) – something Trudeau condemned as ‘irresponsible leadership’.
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With most pundits now backing Conservative Opposition Leader Pierre Poilievre to be the next resident at 24 Sussex Drive, crypto markets are responding enthusiastically, especially amid Bitcoin’s recent reclamation of $100,000 earlier Today.
Poilievre himself has been a serial advocate for cryptocurrencies and is strongly pro-crypto, having expressed a desire (an increasingly common desire) to make Canada the crypto capital of the world with the opportunity for Canada to decentralize its economy in a move aiming to reduce the influence of central banks.
Dislike for the Bank of Canada is at the heart of Poilievre’s political beliefs, and he blames the institution for much of the recent rising inflation, with the politician calling for a major national audit and replacement of the Bank’s Governor Tiff Macklem.
He also takes the additional bold step of being staunchly anti-CBDC, arguing that it would grant excessive control over everyday personal spending and finances while fuelling increased government surveillance. For this reason, Poilievre is a Bitcoin holder. However, to what extent he hasn’t disclosed.
Overall, Justin Trudeau’s resignation and Pierre Poilievre’s potential rise can be seen as a positive development for Canada’s crypto policy. Many expect friendly, loose regulations that seek to reduce reliance on fiat currencies or central-state control and surveillance.
Specific policies to anticipate include an audit of the Bank of Canada, a permissive regulatory environment for crypto innovation, and a shift for Bitcoin and crypto to be taxed in line with gold asset investments.
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