Pro-crypto candidate gains popularity after Trudeau leaves office

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 been on Pierre Poilievre, the leader of the Conservative Party, whose popularity is skyrocketing in the run-up to the October 20 elections. Among his supporters, a billionaire caused a sensation: Elon Musk, the iconic CEO of Tesla and SpaceX, praised his declarations on inflation and budgetary responsibility.

Musk and Poilievre: the unexpected alliance

Elon Musk has never hidden his interest in cryptos. He has often praised its merits as a potential antidote to inflation.

So when he shared a video of Poilievre criticizing rampant money printing, the crypto community went up in arms.

In this clip, the politician explains how excessive public spending undermines the purchasing power of citizens. For his part, Musk commented: “Perfectly articulated. »

A praise that reinforces Poilievre in his pro-innovation positioning. Even Brian Armstrong, CEO of Coinbase, said “Well said” under the viral post, raising the enthusiasm of crypto aficionados a notch.

Towards a strategic Bitcoin reserve?

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? Equip gold or foreign currencies by storing bitcoins to protect the economy from inflation.

This concept, once considered iconoclastic, is gaining ground. In the United States, Donald Trump promised, in July 2024, to create a Bitcoin reserve.

And Poilievre, during his previous campaign, had already demonstrated his enthusiasm for crypto by buying a shawarma with BTC.

At the same time, prediction markets like Polymarket give Poilievre nearly an 89% chance of replacing Trudeau. A sign that crypto could influence the outcome of the polls, 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 talking. In Vancouver, Mayor Ken Sim has proposed that the city examine the possibility of holding bitcoin in reserve and accepting municipal payments in crypto. He even promised an initial donation of $10,000 in BTC to get the ball rolling.

If Poilievre confirms his status as favorite and wins the post of prime minister, this dynamic could extend to the national level.

Crypto advocates dream of a “Canada 2.0”, where Bitcoin would become a pillar of monetary policy. It remains to be seen how the authorities, committed to financial stability, will react to such an innovation.

Either way, the signal is strong. With the public support of Elon Musk and the support of major figures in the industry, Poilievre could make Canada the next big stronghold of crypto on the world stage. The campaign has only just begun, and it already promises to be full of twists and turns. Meanwhile, Trump wants to annex Greenland and Panama.