Key Takeaways
- Pierre Poilievre is heavily favored to win Canada's next election.
- He has vocal support from Elon Musk and Bitcoin leaders.
- Poilievre advocates for Bitcoin adoption and national reserves.
Canadian Prime Minister Justin Trudeau announced his resignation on Jan. 7, paving the way for Conservative leader Pierre Poilievre, a prominent Bitcoin advocate, to emerge as the leading candidate for the October 20 federal election.
Support from tech & Bitcoin leaders
Poilievre has drawn significant support from the Bitcoin community and tech leaders, including Tesla CEO Elon Musk and Coinbase CEO Brian Armstrong.
Musk endorsed Poilievre’s stance on inflation, sharing a viral video in which Poilievre criticized excessive government spending.
Armstrong responded to the same clip with:
Well said.
Potential national Bitcoin reserve
David Bailey, CEO of BTC Inc., speculated that Poilievre might create a national Bitcoin reserve, following a trend set by U.S. President-elect Donald Trump, who pledged to establish a similar reserve in 2024.
A strategic Bitcoin reserve would involve holding Bitcoin as a national asset to hedge against inflation and bolster economic stability.
History of Bitcoin advocacy
Poilievre’s Bitcoin advocacy dates back to 2022, when he made headlines for purchasing food with Bitcoin and promoting Canada as a blockchain hub.
Recently, he supported legislation to block the introduction of a central bank digital currency in Canada.
Strong election prospects
Prediction markets strongly favor Poilievre, with Polymarket giving him an 89% chance of victory, far ahead of rivals Chrystia Freeland (6.5%) and Jagmeet Singh (1.6%).
Local Bitcoin initiatives
The city of Vancouver has also adopted a Bitcoin-friendly stance, exploring Bitcoin reserves and cryptocurrency payments for municipal services.
