It’s being speculated that Canadian Prime Minister Justin Trudeau might soon announce his resignation, which could pave the way for a government more favorable to Bitcoin. As per Reuters, Trudeau is “increasingly likely” to make this announcement, though no definitive decision has been made yet. A source close to the situation informed the news agency that the announcement could happen as early as Monday, adding that Trudeau’s resignation would leave the Liberal Party leaderless before an upcoming election deadline without a permanent leader in place.
Why Canada Could Turn Pro-Bitcoin
It’s being speculated that Trudeau may step down, as polls indicate a significant drop in Liberal popularity. As per CBC News’ Poll Tracker, if an election were held today, the Conservative party, headed by Pierre Poilievre, would secure a substantial 23% lead, receiving approximately 44% of the vote. Interestingly, Poilievre has been supportive of Bitcoin in the past and could potentially implement policies that are more favorable towards digital assets if elected.
The CEO of BTC Inc, David Bailey, known for his role in “enlightening” U.S. President-elect Donald Trump about Bitcoin, has stoked speculation by declaring on X today that Pierre Poilievre could establish a strategic Bitcoin reserve for Canada.
Bailey, along with other experts in the field, have pointed out that this is reminiscent of Trump’s own proposals: at the Bitcoin 2024 Conference during his campaign, he suggested creating a “national reserve” for confiscated Bitcoins and even proposed using Bitcoin to pay off the U.S. national debt.
Pierre Poilievre’s backing for Bitcoin is well-known. He previously contended that Bitcoin could allow Canadians to “evade inflation,” a time when 1 BTC was approximately $40,000. Since then, the price of Bitcoin has skyrocketed, peaking at over $108,000 on one occasion – a rise of nearly 170%. Notably, Poilievre demonstrated his allegiance to Bitcoin by purchasing shawarma using Bitcoin in March 2022, humorously commenting that “you won’t believe how [the shop owner] outsmarted the government to avoid inflation. Today, I’m buying lunch from him – and bringing my Bitcoin wallet.
I shared a post via X in April 2022, stating: “The Bank of Canada asserts that Bitcoin users are financially illiterate, coming from the same institution that forecasted ‘deflation’ prior to inflation reaching a 30-year peak. It seems it is the central bank that lacks financial literacy.” Additionally, I commented: “Fiscal deficits due to money printing erode our wages. #JustinFlation. We need to reintroduce sound money and grant both buyers and sellers the freedom to opt for Bitcoin and other technological alternatives.
Regardless of Bitcoin’s impressive growth, Poilievre has encountered criticism from the Liberal Party and opposing politicians. Critics viewed his position as a divisive political topic, leading him to discuss it less frequently.
In a speech in November 2024, Poilievre expressed his belief that Canadians should have the freedom to choose whether or not to use Bitcoin. He made it clear that he doesn’t intend to prohibit Bitcoin, unlike some other countries. Furthermore, he has been outspoken against Central Bank Digital Currencies, asserting strongly that there will be no such currency.
It’s looking increasingly likely that Canada may establish a Bitcoin reserve, although no definitive plans or policies have been announced yet. If Justin Trudeau steps down and Poilievre takes over as prime minister, some in the Bitcoin community speculate that Canada could adopt pro-Bitcoin policies similar to those of emerging leaders in the global Bitcoin arena.
At press time, BTC traded at $99,318.
Read More
- EUR CAD PREDICTION
- EUR MYR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- POL PREDICTION. POL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- GBP RUB PREDICTION
- USD MXN PREDICTION
- USD RUB PREDICTION
2025-01-07 06:41