A Bitcoin bull as Canada’s next prime minister? Polls say yes

Canada’s next prime minister could be a fiscal hawk with a penchant for Bitcoin.

Pierre Poilievre, the leader of the Conservative Party, is a frontrunner to succeed Justin Trudeau, who announced on Monday that he would be stepping down as Canada’s prime minister and as the head of the Liberal Party.

Poilievre, 45, has vowed to slash government spending, tackle inflation, and put an end to what he calls the “immoral tax” of printing money, which tends to drive up consumer prices.

“Inflation is a tax on the working people,” Poilievre said recently.

Crypto leaders see an ally in Poilievre, who has called for a ban on central bank digital currencies, or CBDCs, and has investments in Bitcoin exchange-traded funds.

Canada’s next general election will be held no later than October 2025 and Conservatives are currently leading the polls.

The Bitcoin platform

Poilievre’s bid to be prime minister is also dominating the betting pools, with an 89% chance on Polymarket and 91% on Kalshi.

He has drawn comparisons to US President-elect Donald Trump, who also champions Bitcoin and has vowed to cut spending.

Trump recently tapped Elon Musk to head a commission called the Department of Government Efficiency, which will be committed to slashing the size of the federal government.

Musk, meanwhile, has shown his support for Poilievre by sharing his speeches on social media and mocking Trudeau as an “insufferable tool.”

Crypto social media is also rife with speculation Poilievre may want to establish a strategic Bitcoin reserve in Canada. Trump’s vow to create such a fund in the US during the election campaign won him support in crypto circles.

“A Poilievre government would deliver Canada a strategic Bitcoin reserve,” said David Bailey, CEO of Bitcoin Magazine, on X.

CBDCs

Although Vancouver is already toying with the idea of creating its own Bitcoin reserve, there’s no evidence that Poilievre has considered implementing a similar national policy.

Poilievre has also been vocal in opposing the Bank of Canada’s efforts to explore central bank digital currencies.

He argues that CBDCs could lead to greater government control over financial transactions and has called for Canadians to be free to use alternative currencies, including Bitcoin.

Bitcoin shawarma

Poilievre’s promotion of Bitcoin as a hedge against inflation has drawn criticism. In 2022 and 2023, Bitcoin fell in tandem with stocks as inflation spiked in the US, undermining its utility as such a hedge.

During his 2022 Parliamentary election campaign, Poilievre made headlines for purchasing a shawarma with Bitcoin and donating the cryptocurrency to an animal charity in British Columbia.

At the time, he described Bitcoin as a way for Canadians to “take control of their money from bankers and politicians.”

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at [email protected].