Mark Carney Elected as Canada’s New Prime Minister: A Bitcoin Critic with Bold Economic Vision

On March 9, Mark Carney secured a landslide victory to become Canada’s new Prime Minister, succeeding Justin Trudeau, who held the position for over seven years. Carney, a former central banker and outspoken critic of Bitcoin, brings a wealth of experience to the role, having previously served as the Governor of both the Bank of Canada and the Bank of England.

Carney's rise to the top spot comes at a time of heightened economic tensions with the United States, particularly following the introduction of tariffs by U.S. President Donald Trump. In his victory speech, Carney wasted no time addressing the ongoing trade dispute, vowing to counter Trump’s economic policies and stand firm against what he described as unjustified tariffs.

A Central Banker with a Skeptical View of Bitcoin

Mark Carney has long been a critic of Bitcoin and cryptocurrencies. His concerns about the digital currency date back to at least 2018, when he publicly warned about Bitcoin’s “serious deficiencies.” Carney argued that the fixed-supply nature of Bitcoin could lead to economic instability and create a speculative bubble.

In a speech delivered in 2018, Carney compared the idea of recreating a virtual global gold standard—such as Bitcoin—to a “criminal act of monetary amnesia.” He pointed to the volatility of Bitcoin, noting that its fixed supply has led to speculative mania and the creation of numerous alternative cryptocurrencies. According to Carney, Bitcoin’s performance as a store of value has been erratic, with fluctuations making it an unreliable medium for managing personal finances.

As an example, Carney highlighted the risks involved in using Bitcoin for everyday transactions. He referenced the scenario of a student taking out a 1,000-pound loan in Bitcoin to pay for living costs in the UK, only to find that the value of Bitcoin had significantly changed in the following months. A year ago, such a loan would have left the student short of money, while the same amount of Bitcoin could have provided a surplus if borrowed only months earlier.

In contrast, Carney has been a proponent of central bank digital currencies (CBDCs), which he sees as a potential solution to expand access to banking and combat issues like terrorism financing and economic crime. His advocacy for digital currencies backed by central banks contrasts sharply with his skepticism toward decentralized digital assets like Bitcoin.

A Familiar Stance on Tariffs and U.S. Relations

Mark Carney’s economic platform also includes a staunch defense of Canada’s sovereignty in the face of U.S. economic pressures. In his first speech as Prime Minister, Carney called out President Donald Trump for implementing tariffs that, he claimed, were harmful to Canadian families and businesses. Carney described the U.S. tariffs as “unjustified” and reaffirmed Canada’s stance of retaliation until the U.S. shows “respect” for Canadian interests.

The new Prime Minister also made it clear that Canada would never align itself with the United States in any form that could undermine the country’s independence. This was in direct response to Trump’s repeated suggestions that Canada could eventually become the 51st state in the U.S.

A Complex Legacy with Ties to the Tech World

Despite his criticism of cryptocurrencies, Carney’s career has not been without its own contradictions. Between February 2021 and January 2025, Carney served as a board member of Stripe, a prominent payments processor. During his tenure, Stripe launched various cryptocurrency payment solutions, reflecting the growing integration of digital currencies in the broader financial landscape.

This duality in Carney’s approach to technology and finance raises questions about the balance he will strike as Prime Minister between embracing digital innovation and upholding his more traditional economic views.

A New Era for Canada’s Leadership

As Canada embarks on a new chapter under Carney’s leadership, it remains to be seen how his views on Bitcoin, trade, and economic policy will shape the country’s future. Carney's strong stance on tariffs and his critique of cryptocurrencies mark him as a leader with a distinctive economic vision—one that will likely challenge both domestic and international norms.

With Canada poised to confront significant economic challenges, Carney’s leadership promises to navigate both the intricacies of global trade and the evolving landscape of digital finance, potentially reshaping the country’s position on the world stage.