A couple of days ago, precisely on 10 September, in Canada, Pierre Poilievre was named the new leader of the opposition with 68.5% of the vote, and this news could be very favorable for Bitcoin and cryptocurrencies in general.
Poilievre supports Bitcoin
Indeed, Poilievre is a supporter of Bitcoin and at the beginning of the year, his motto for the election was “make Canada the blockchain capital of the world.”
The fact that he was elected suggests that the Canadian people may also support him in the next federal election, which will be held by 20 October 2025 to determine the country’s 45th prime minister.
Meanwhile, however, Canadian Prime Minister Justin Trudeau on Monday harshly criticized cryptocurrency investments.
He published a harsh post on Twitter against the opposition, which instead supports cryptocurrencies as a way to fight inflation:
Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership. Fighting against life-saving vaccines is not responsible leadership. Opposing the pandemic supports that saved jobs and helped families is not responsible leadership.
— Justin Trudeau (@JustinTrudeau) September 13, 2022
Trudeau’s opposition is Poilievre himself, who in contrast supports Bitcoin specifically as a tool against the inflation that is rampant in Canada and the rest of the world.
Poilievre had long ago publicly attacked Trudeau for putting $400 billion into the market, which fostered inflation instead of fighting it.
Poilievre of course also holds BTC in his wallet, as he told the federal Commissioner for Conflict of Interest and Ethics on 4 May, and as CTV News reported:
In March, Poilievre had also posted a tweet showing that he was buying lunch in London using BTC to pay for it:
Hier, j'ai acheté un shawarma avec du Bitcoin chez un restaurant à London.
Redonnons aux gens le contrôle de leur argent et de leur vie.
— Pierre Poilievre (@PierrePoilievre) March 29, 2022
During the Covid-19 period, when people had taken to the streets to protest the numerous lockdowns, some protesters had their bank accounts frozen, and even then Poilievre had explained how useful Bitcoin was in such cases.
Inflation in Canada
Most recently Pierre Poilievre tweeted in April that Canada would “need sound money again – and free buyers and sellers to choose Bitcoin and other technologies.”
Money-printing deficits make our wages “go up in smoke.” #JustinFlation
We need sound money again-and also the freedom for buyers and sellers to choose #bitcoin and other technology.
— Pierre Poilievre (@PierrePoilievre) April 1, 2022
In fact, in Canada, the inflation rate has reached 7.60%, a rate not seen since 1948.
Crypto in Canada
As Charles III in England supports crypto, Canada too now has its own Bitcoin supporter.
And that’s not all, in his program Poilievre argues against the digital state currency that Bank of Canada would like to issue. In fact, it is since 2020 that the country has been talking about the creation of a CBDC.
And it is also since 2020 that Canada has been proclaiming itself a new hub for blockchain, especially since it has opened university courses on the topic.
In addition, there would be a strong demand for Bitcoin ETFs in the country, especially when in April 2022 it reached an all-time high in trading reaching 69,052 BTC in its holdings.