Crypto Community Backs Pierre Poilievre as Trudeau Announces Resignation

On January 7, Canadian Prime Minister Justin Trudeau announced his resignation, following the unexpected departure of his finance minister, Chrystia Freeland. This marks the end of an era for Trudeau, with Conservative Party leader Pierre Poilievre now emerging as the clear frontrunner in Canada’s upcoming federal election set for October 20, 2025. Poilievre’s campaign has garnered overwhelming support from the cryptocurrency community, particularly due to his pro-Bitcoin stance and economic policies.
Poilievre's Popularity Among Crypto Leaders
Pierre Poilievre has become a key figure in the crypto space, gaining support from some of the most influential names in the industry. Elon Musk, CEO of Tesla and SpaceX, shared a video of Poilievre discussing inflation and government spending. Musk captioned the video, saying, “Perfectly articulated,” in reference to Poilievre’s clear explanation of how excessive government spending diminishes the value of money for ordinary citizens.
In the video, Poilievre argued that inflation is driven by excessive government borrowing, which leads to the devaluation of currency. Coinbase CEO Brian Armstrong also voiced his support for Poilievre’s economic policies, commenting “Well said” beneath the viral clip.
Support for a National Bitcoin Reserve
David Bailey, CEO of BTC Inc., also expressed his confidence in Poilievre’s vision, suggesting that under his leadership, Canada could establish a national Bitcoin reserve. Bailey posted on X (formerly Twitter) on January 7, saying, “Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve.” This reserve would involve accumulating Bitcoin as part of the country’s official assets, similar to the way nations hold gold or foreign currencies. Proponents argue that such reserves could help stabilize the economy and serve as a hedge against inflation.
Poilievre’s Bitcoin advocacy aligns with broader global trends. In July 2024, U.S. President-elect Donald Trump announced plans to create a national Bitcoin reserve for the United States, highlighting the growing recognition of Bitcoin as a legitimate asset for economic stability.
Poilievre's Bitcoin Advocacy and Vision for Canada
Pierre Poilievre has been a vocal proponent of Bitcoin and blockchain technology for several years. During his 2022 campaign, Poilievre made headlines by purchasing a chicken shawarma with Bitcoin at an event in Ontario, signaling his commitment to the digital currency. His actions echo those of other global leaders, such as Donald Trump, who visited a Bitcoin-themed bar in New York in July 2024 and used the Bitcoin Lightning Network to pay for his meal.
In 2022, Poilievre spoke out about the need for “sound money,” referencing Bitcoin as a solution to the problem of inflation driven by excessive money printing. He also pushed for Canada to become “the blockchain capital of the world,” emphasizing the importance of adopting innovative financial technologies.
More recently, Poilievre has continued to advocate for Bitcoin and financial freedom. In April 2024, he voiced his support for legislation aimed at preventing the introduction of a central bank digital currency (CBDC) in Canada, further underscoring his commitment to decentralized finance and the protection of individual choice in the digital economy.
Prediction Markets Favor Poilievre
According to Polymarket, a prediction market platform, Poilievre’s odds of becoming Canada’s next prime minister are a commanding 89%. This places him well ahead of his nearest competitor, former deputy prime minister Chrystia Freeland, who has just a 6.5% chance of victory. Other political leaders, including Jagmeet Singh, leader of the New Democratic Party, have even slimmer chances, with Singh’s odds standing at just 1.6%. After Trudeau’s resignation, his odds of remaining in office plummeted to less than 1%.
As of now, the total volume of bets placed on Poilievre’s ascension to the prime ministership has reached $507,658, further indicating the widespread belief in his likely success.
Vancouver's Bitcoin-Friendly Approach
While Poilievre’s vision for a national Bitcoin reserve is gaining traction, local governments in Canada are also embracing the digital currency. On December 11, 2024, Vancouver’s City Council passed a motion introduced by Mayor Ken Sim to explore the possibility of holding Bitcoin in reserve and accepting cryptocurrency payments for municipal services. Sim even pledged to donate $10,000 worth of Bitcoin to jumpstart the initiative, arguing that it would be irresponsible for the city to ignore the potential merits of adding Bitcoin to its strategic assets.
In the motion, the City Council emphasized that including Bitcoin in Vancouver's reserves could help preserve the city’s financial stability and protect it from the volatility of traditional financial markets.
Looking Ahead: Poilievre's Potential Impact on Canada's Future
With Justin Trudeau’s resignation, Pierre Poilievre is set to become a central figure in Canada’s political landscape. As the crypto community rallies behind him, Poilievre’s pro-Bitcoin policies and vision for a digital economy are poised to play a significant role in shaping the country’s future. Should he win the election in October, Poilievre’s leadership could mark a pivotal shift in Canada’s approach to digital currencies, potentially positioning the country as a global leader in blockchain innovation and financial freedom.
As the election draws nearer, the crypto community’s support for Poilievre is only expected to grow, and the implications of his potential leadership will have far-reaching effects not only on Canada’s economy but also on the global cryptocurrency market.
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