Next Prime Minister of Canada could be a Bitcoin supporter

Justin Trudeau announced his resignation as head of the Canadian government yesterday. He had been the country's prime minister since 2015. Trudeau will remain in office until his successor has been determined.

Trudeau is extremely unpopular in the Bitcoin community. Under his leadership, for example, the state authorities ordered the accounts of people who took part in the trucker protests against the coronavirus measures to be frozen.

He also attacked his rival Pierre Poilievre for speaking out in favor of Bitcoin. When the Bitcoin price collapsed in 2022, he made fun of his recommendation to protect yourself from inflation with Bitcoin.

We haven't really seen a lot of concrete proposals from Mr. Poilievre. He did make one, that's not fair. You're right. He had one great opportunity for people to opt out of inflation. He recommended this last spring. "You can opt out of inflation if you invest your money in Bitcoin". He stayed up late, watched all sorts of YouTube videos, and came to that conclusion. He said that himself: "Buy Bitcoin, opt out of inflation". … Any Canadian who listened to him, would've lost more than half their life savings since last march. That's not responsible leadership.
_{Justin Trudeau}

There is now a good chance that this same Pierre Poilievre, who positioned himself as a Bitcoin supporter several years ago, could become Prime Minister of Canada.

According to polls, the Conservative Party, of which he is the leader, has around 40 percent of the vote - Trudeau's party only around 20 percent. On the Polymarket betting market, the probability of Poilievre becoming Canada's new head of government after the next election is almost 90 percent.

The election is due to take place on October 20 this year. However, with a vote of no confidence, it would be possible for Canadians to elect their new head of state before then.

When someone comes to this realization, it is only natural that they should advocate hard money such as gold or Bitcoin, which cannot be corrupted.

Poilievre has already spoken positively about Bitcoin on several occasions - in addition to recommending that it be used as a hedge against inflation, which has proven to be a valuable tip over a longer period of time.

On the 𝕏 platform, for example, he emphasized the need for sound money and advocated currency competition.

We need sound money again—and also the freedom for buyers and sellers to choose #bitcoin and other technology.
_{Pierre Poilievre in a 𝕏 post}

Poilievre's financial disclosures revealed that he held a position in the Canadian Bitcoin Spot ETF. Prime ministers in Canada must report investments that exceed 10,000 Canadian dollars, but do not disclose how much they hold in the respective asset.

However, the financial disclosure from February 2023 was supposed to be the last one to date in which a Bitcoin investment could be found - the position was missing in the one from September 2024.

It is unclear why Poilievre sold. This may also be one reason why he and Bitcoin have been very quiet in recent months.

At the moment, we are not only seeing more and more politicians campaigning for Bitcoin in their election campaigns, but also that those who advocate more freedom are on the rise.

For example, the libertarian Javier Milei is now the President of Argentina, while Donald Trump will take office as US President in a few days' time. The "crypto president" Trump emphasized, among other things, that Bitcoin is a tool for independence from the state.

Only time will tell to what extent the political trend towards more individual freedom will continue. It also remains to be seen whether politicians who campaign with libertarian positions and an open attitude towards Bitcoin will back up their words with deeds.

If Canadians elect Pierre Poilievre as the next prime minister, this could mean a rosy future for Bitcoin in the USA's neighboring country. At the moment, political efforts to open up to Bitcoin can already be seen there. The Vancouver City Council recently voted in favor of an initiative to make the city Bitcoin-friendly - Blocktrainer.de reported.

And should Donald Trump as US president actually establish the promised Bitcoin reserve, it is quite conceivable that Canada, under the potential leadership of Poilievre, could become one of the countries that quickly follows suit.