A Potential Shift in Canadian Politics
Rumors are swirling that Canadian Prime Minister Justin Trudeau might be stepping down. This could lead to a big change in how Canada views Bitcoin, because the leading candidate to replace him, Pierre Poilievre, is a known Bitcoin supporter. Poilievre’s Conservative party is currently leading in the polls.
Poilievre: A Pro-Bitcoin Politician
Poilievre has openly championed Bitcoin in the past. He’s talked about how Bitcoin could help Canadians avoid inflation, even buying lunch with Bitcoin himself to make a point! He’s also been critical of the Bank of Canada and its handling of inflation, and he’s strongly against Central Bank Digital Currencies (CBDCs). While he’s toned down his Bitcoin talk lately, he’s made it clear he doesn’t want to ban it.
The Bitcoin Reserve Idea
Interestingly, BTC Inc CEO David Bailey predicts that Poilievre will establish a strategic Bitcoin reserve for Canada. This idea is similar to proposals made by former US President Donald Trump, who also talked about using seized Bitcoin and even paying off the national debt with it.
What This Could Mean for Canada
If Poilievre becomes Prime Minister, it could make Canada a much more Bitcoin-friendly country. This would put Canada in line with other countries showing increasing interest in Bitcoin and cryptocurrencies. While nothing is official yet, the possibility of a Canadian Bitcoin reserve is definitely gaining traction.
Current Bitcoin Price:
At the time of writing, Bitcoin is trading at around $99,318.
