Canadian Prime Minister Justin Trudeau’s announcement of his resignation has shifted the spotlight to Conservative Party leader Pierre Poilievre, the frontrunner to succeed him. Known for his outspoken support of cryptocurrency, Poilievre has vowed to make Canada a global hub for blockchain and digital assets.
Crypto Vision: A “Blockchain Capital”
In a resurfaced video from a March 2022 campaign event, Poilievre was seen buying a chicken shawarma with Bitcoin and laying out his ambitious plans to turn Canada into a “blockchain and crypto capital of the world.” At the event, he criticised Canada’s central banking system and existing crypto regulations, asserting that Bitcoin could offer Canadians a way to “opt out” of inflation.
His remarks attracted significant backlash, particularly from the ruling Liberal Party, which used the comments in attack ads in 2023 following a downturn in the crypto market.
Pro-Crypto Policies and Anti-CBDC Stance
Since becoming Conservative Party leader in 2022, Poilievre has maintained his pro-crypto rhetoric. In several posts on social media platform X (formerly Twitter), he called for “freedom for buyers and sellers” to choose Bitcoin and other technologies. He has also criticised the Bank of Canada, labelling it “financially illiterate,” and pledged to prevent it from launching a central bank digital currency (CBDC).
Take control of your money.
Become a member: https://t.co/d9I1ky9w2t #shawarmaforbitcoin https://t.co/QzqVT5nSSU
— Pierre Poilievre (@PierrePoilievre) March 28, 2022
More recently, in April 2024, Poilievre publicly supported a bill that seeks to ban CBDCs and protect the use of physical cash.
Personal Investments in Bitcoin
Poilievre’s 2022 asset disclosure forms revealed holdings in the Purpose Bitcoin exchange-traded fund (ETF), a local spot Bitcoin ETF. However, by November 2023, reports suggested these holdings no longer appeared in his disclosures.
Trudeau’s Exit Amid Political Challenges
Trudeau’s decision to step down as prime minister and Liberal Party leader follows mounting pressure from within his party and an impending no-confidence motion. His leadership has been criticised for failing to address the country’s growing deficit and concerns over potential tariffs from US President-elect Donald Trump.
Parliament is currently suspended until March 24, giving the Liberals time to select a new leader. The next federal election must be called on or before October 20, 2025.
Election Outlook
Under Poilievre’s leadership, the Conservative Party has gained significant ground, with a recent CBC News poll placing them 24 percentage points ahead of the Liberals. The same poll predicts a 98% likelihood of a Conservative majority, requiring at least 172 seats in the 343-seat House of Commons.
As the election looms, Poilievre’s vision for Canada’s future—particularly his support for cryptocurrency—has become a defining element of his campaign. Whether this will resonate with voters remains to be seen.
