Musk and Crypto Leaders Support Canadian Prime Minister’s Resignation

Yigit Taha OZTURK — Wed, 08 Jan 2025 16:15:58 +0000

Canadian Prime Minister Justin Trudeau announced his resignation on January 7 following the abrupt resignation of Finance Minister Chrystia Freeland. Conservative Party leader Pierre Poilievre is now widely seen as the top candidate to become Canada’s next prime minister in the federal elections scheduled for October 20. The crypto community has strongly rallied behind Poilievre, who has positioned himself as pro-Bitcoin (BTC) and innovation-friendly.

Support from Musk and Armstrong

Tesla and SpaceX CEO Elon Musk shared a video of Poilievre discussing inflation and government spending, commenting, “Perfectly articulated.”

Coinbase CEO Brian Armstrong also expressed his support for Poilievre’s economic stance, replying to the viral video with, “Well said.”

Canada’s Strategic Bitcoin Reserve

On January 7, BTC Inc. CEO David Bailey stated that Poilievre could lead Canada toward creating a national Bitcoin reserve:

“Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve.”

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A strategic Bitcoin reserve involves holding Bitcoin as part of a nation’s assets, similar to holding gold or foreign currencies. Such reserves aim to bolster economic stability and hedge against inflation. In July 2024, U.S. President-elect Donald Trump pledged to establish a strategic Bitcoin reserve for the United States.

Poilievre’s Bitcoin Advocacy

Poilievre is a vocal supporter of Bitcoin.

During his 2022 campaign, he purchased a chicken shawarma using Bitcoin at an event in Ontario. This move mirrored Trump’s visit to the PubKey Bitcoin-themed bar in New York City in 2024, where he used the Bitcoin Lightning Network for payments.

That same year, Poilievre stated his vision to make Canada the “blockchain capital of the world” while advocating for broader Bitcoin adoption:

“Money-printing deficits make our wages go up in smoke. We need sound money again—and the freedom for buyers and sellers to choose Bitcoin and other technologies.”

In April 2024, Poilievre supported legislation aimed at banning the introduction of a Central Bank Digital Currency (CBDC) in Canada.

Polymarket Predictions Favor Poilievre

According to Polymarket, crypto investors strongly favor Poilievre as Canada’s next prime minister, with his odds at 89%.

His closest competitor, former Deputy Prime Minister Chrystia Freeland, has odds of only 6.5%, while New Democratic Party leader Jagmeet Singh stands at 1.6%. Trudeau’s odds fell below 1% following his resignation.

The total betting volume on this prediction has reached $507,658.

Vancouver’s Crypto-Friendly Initiative

On December 11, Vancouver Mayor Ken Sim introduced a motion for the city to hold Bitcoin in its reserves and accept cryptocurrency payments for municipal services. The motion passed, with Sim pledging to donate $10,000 worth of Bitcoin to kickstart the initiative.

“It would be irresponsible for the City of Vancouver not to explore the merits of adding Bitcoin to its strategic assets to preserve the city’s financial stability,” the motion stated.

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