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On January 7, Canadian politics experienced an earthquake: Justin Trudeau, in power since 2015, announced his resignation following the abrupt departure of his Finance Minister, Chrystia Freeland. Since then, all eyes have turned to Pierre Poilievre, the leader of the Conservative Party, whose popularity is skyrocketing as the October 20 elections approach. Among his supporters, one billionaire has made waves: Elon Musk, the iconic CEO of Tesla and SpaceX, praised his statements on inflation and fiscal responsibility.
Musk and Poilievre: the Unexpected Alliance
Elon Musk has never hidden his interest in crypto. He has often extolled its virtues, seeing it as a potential antidote to inflation.
So, when he shared a video of Poilievre criticizing rampant monetary printing, the crypto community ignited.
In this clip, the politician explains how excessive public spending undermines citizens’ purchasing power. For his part, Musk commented: “Perfectly articulated.”
A compliment that strengthens Poilievre’s pro-innovation stance. Even Brian Armstrong, CEO of Coinbase, chimed in with a “Well said” under the viral post, increasing the enthusiasm among crypto enthusiasts.
Towards a Strategic Reserve of Bitcoin?
This support is not just a publicity stunt. David Bailey, CEO of BTC Inc., is openly betting on a “national Bitcoin reserve” if Poilievre comes to power. The idea? To mirror gold or foreign currencies by storing bitcoins to protect the economy from inflation.
This concept, once considered iconoclastic, is gaining traction. In the United States, Donald Trump has promised, in July 2024, to establish a Bitcoin reserve.
And Poilievre, during his previous campaign, had already demonstrated his enthusiasm for crypto by buying a shawarma with BTC.
In parallel, prediction markets like Polymarket give Poilievre nearly a 89% chance of replacing Trudeau. A sign that crypto could influence the election outcome, especially if the promise of a BTC reserve appeals to so many Canadians.
The Vancouver Model and the Future of Crypto in Canada
Canada is not just sticking to speeches. In Vancouver, Mayor Ken Sim has proposed that the city examine the possibility of holding bitcoins in reserve and accepting municipal payments in crypto. He even promised an initial donation of $10,000 in BTC to kickstart the initiative.
If Poilievre confirms his status as the frontrunner and wins the position of prime minister, this momentum could expand nationally.
Crypto advocates dream of a “Canada 2.0”, where Bitcoin would become a pillar of monetary policy. It remains to be seen how authorities, committed to financial stability, will react to such innovation.
Regardless, the signal is strong. With the public backing of Elon Musk and support from major industry figures, Poilievre could make Canada the next major bastion of crypto on the global chessboard. The campaign is just beginning, and it promises to be filled with twists and turns. Meanwhile, Trump wants to annex Greenland and Panama.
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Fasciné par le bitcoin depuis 2017, Evariste n’a cessé de se documenter sur le sujet. Si son premier intérêt s’est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l’état du secteur dans son ensemble.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
