On January 7th, Canadian Prime Minister Justin Trudeau stepped down after his finance minister, Chrystia Freeland, unexpectedly left her position.
Currently, Pierre Poilievre, who leads the Conservative Party, is considered the frontrunner in the race to be the next Prime Minister of Canada. The federal election is scheduled for October 20th.
The supporters within the cryptocurrency sector have shown strong backing towards Poilievre, a figure advocating for technological advancement and Bitcoin (BTC).
Elon Musk, who’s the CEO of both Tesla and SpaceX, posted a video featuring Poilievre talking about inflation and government expenditure, and he titled it, “Nailed it.
In the video, Poilievre contends that excessive government spending and borrowing are the primary causes of inflation, leading to a decrease in the purchasing power of money for average citizens.
In a response to Pierre Poilievre’s economic viewpoint as seen in a widely shared video about inflation, Coinbase CEO Brian Armstrong simply agreed, saying, “I completely concur.
On the 7th of January, David Bailey, the CEO of BTC Inc., expressed his viewpoint that Pierre Poilievre might guide Canada in setting up a country-wide Bitcoin reserve.
“Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve,” Bailey said in an X post.
Building up a Bitcoin portfolio within a country’s financial holdings is comparable to amassing gold or other foreign currencies. The purpose of this reserve is to enhance economic resilience and protect against the effects of inflation.
During a political rally in July 2024, President Donald Trump announced his plans to establish a strategic Bitcoin reserve for the U.S. government.
Poilievre’s Bitcoin advocacy
Poilievre has been an outspoken supporter of Bitcoin.
In his 2022 political campaign, Poilievre bought a chicken shawarma using Bitcoin at an Ontario event, similar to Trump’s visit to the Bitcoin-focused PubKey bar in New York City in July 2024, where he paid for burgers and beverages with the Bitcoin Lightning Network.
2022 saw Poilievre championing the idea of embracing Bitcoin and aspiring to make Canada a global leader in blockchain technology.
“Excessive money printing causes our earnings to evaporate. It’s time we return to a stable currency, and allow consumers and merchants the option to use cryptocurrencies like Bitcoin and others,” he wrote on April 1, 2022.
In April 2024, Poilievre expressed his approval for a proposal that sought to prohibit the implementation of a central bank digital currency within Canada’s borders.
Prediction markets favor Poilievre
Based on Polymarket’s predictions, a significant majority of crypto bettors anticipate Pierre Poilievre to be the next prime minister of Canada, with his chances currently at approximately 89%. This places him significantly ahead of his closest competitor, Deputy Prime Minister Chrystia Freeland, whose odds are currently only 6.5%.
As an analyst, I’m observing a significant shift in the political landscape following the resignation of Justin Trudeau as Prime Minister. Currently, Jagmeet Singh, the leader of the New Democratic Party, is polling at approximately 1.6%. In contrast, Trudeau’s odds have dipped below the 1% mark. This suggests a notable change in voter sentiment and a potential power vacuum that other political figures may look to fill.
The total volume of bets placed on this prediction has climbed to $507,658.
Vancouver’s Bitcoin-friendly approach
On December 11th, a proposal was approved by Vancouver’s city council, which was put forth by Mayor Ken Sim. The proposal suggests that the city should investigate the possibility of keeping Bitcoin as a reserve and accepting cryptocurrency transactions for various municipal services.
Sim pledged to donate $10,000 worth of Bitcoin to kickstart the initiative.
The proposal suggests that it’s prudent for the City of Vancouver to consider the advantages of incorporating Bitcoin into its strategic investments, aiming to maintain the city’s financial security and stability.
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2025-01-08 13:23