As Trudeau announces his exit, Musk, crypto leaders turn to Poilevre

Canadian Prime Minister Justin Trudeau announced his resignation on January 7 following the sudden departure of his Finance Minister, Chrystia Freeland.

Conservative Party leader Pierre Poilèvre is now seen as the front-runner to become Canada's next prime minister, with a federal election set for October 20.

The cryptocurrency community has been very supportive of Poyever, who has positioned himself as a pro-innovator and pro-Bitcoin (BTC).

Tesla and SpaceX CEO Elon Musk shared a video of Poilever discussing inflation and government spending, saying, “Absolutely brilliant.

In the video, Poilevre explains that inflation is driven by excessive government spending and borrowing, which reduces the value of money for ordinary citizens.

Coinbase CEO Brian Armstrong responded to Poilievre's economic stance, saying he was “well-spoken” under Poilievre's viral clip regarding inflation.

On January 7, BTC Inc. CEO David Bailey says Poilever Canada may lead the creation of a national bitcoin reserve.

“Pierre Poilievre Canada Offers Strategic Bitcoin Reserve,” Bailey said on XPost.

Strategic Bitcoin hoarding involves hoarding Bitcoin as a national resource, similar to how countries hold gold or foreign currencies. Such reserves are aimed at strengthening economic stability and preventing inflation.

In the year During his campaign rally in July 2024, US President-elect Donald Trump promised to create a strategic Bitcoin reserve for the US.

RELATED: Alabama Should Establish Bitcoin Reserve, State Auditor Says

Poilievre's Bitcoin Advocacy

Poilievre is a fan of Bitcoin.

In the year During the 2022 campaign, Poilievre bought chicken shawarma using Bitcoin at an event in Ontario, echoing Trump's visit to PubKey — a Bitcoin-themed bar in New York City — in July 2024 where he bought burgers and drinks using the Bitcoin Lightning Network.

In the year In 2022, Poiyèvre made several statements in support of Bitcoin adoption and positioning Canada as the “Blockchain Capital of the World.”

“The lack of money printing makes our wages go up in smoke. We want good money again—and freedom of choice for buyers and sellers of Bitcoin and other technologies,” he posted on April 1, 2022.

More recently, in April 2024, Poliever supported legislation to ban the introduction of a Canadian central bank digital currency.

Forecast markets favor Poilievre

According to Polymarket, crypto contenders overwhelmingly support Poliover to become Canada's next prime minister, with an 89 percent chance. That puts her far ahead of her nearest rival, former Deputy Prime Minister Chrystia Freeland, who has just a 6.5 percent chance.

New Democratic Party leader Jagmeet Singh stands at 1.6%, with his chances dropping below 1% since the resignation of outgoing Prime Minister Trudeau.

The total amount of bets placed on this prediction rose to $507,658.

Vancouver's Bitcoin friendly approach

On December 11, Vancouver City Council passed a motion introduced by Mayor Ken Sim, proposing that the city hold Bitcoin as a reserve and accept cryptocurrency payments for municipal services.

Sim pledged to donate $10,000 worth of Bitcoin to start the initiative.

“It is irresponsible for the City of Vancouver to not see the importance of adding Bitcoin to the City's strategic assets to protect the City's financial stability,” the motion states.

Magazine: Crypto has 4 years to grow so big ‘no one can shut it down' – Cain Warwick, Infinex