Pro-Crypto Conservative Pierre Poilievre Leads Canada Race

• Pierre Poilievre leads the leadership race with 88% odds, pushing the pro-crypto agenda.
• Crypto mentions in Parliament fell 66% in 2023; the regulatory framework remains unclear.
• Poilievre’s leadership could reignite crypto policy focus, supporting clearer rules and adoption.

Pro-cryptocurrency Conservative Pierre Poilievre has taken a commanding lead in Canada’s leadership race after Prime Minister Justin Trudeau announced his resignation on January 6. The announcement sparked widespread social media reaction, including Elon Musk’s temporary change of X’s like button to commemorate Trudeau’s resignation. 

Polymarket data shows Poilievre with an 88% chance of becoming the next prime minister. This is well ahead of Chrystia Freeland at 8.3%, Jagmeet Singh at 1.6%, and Trudeau below 1%. As a vocal supporter of digital assets, Poilievre made headlines in March 2022 by buying shawarma with Bitcoin at a London, Ontario restaurant. He pitched cryptocurrency as a solution to inflation during his Conservative leadership campaign, arguing it would let Canadians “opt-out” of rising prices.

Yet Poilievre’s own relationship with crypto appears to have cooled. CBC News reports his investment in Bitcoin ETF, previously listed in public disclosures when worth over $10,000, no longer appears in his September 2023 filing. This could mean he sold the shares or their value dropped below the disclosure requirement.

The role of cryptocurrency in Canadian politics has waned since its peak. Parliamentary mentions fell from 279 in 2022 to just 94 in 2023. While a June committee report noted crypto’s potential for economic growth and job creation, the government’s response stayed neutral. University of Ottawa professor Mariam Humayun points out that crypto enthusiasts now view politicians with caution.

The regulatory picture remains unclear. Matthew Burgoyne of the Osler law firm notes that Canada relies on informal guidance from securities administrators rather than formal laws. This creates “de facto” rules that crypto companies follow without legal requirements. Looking ahead, Poilievre’s potential leadership could revive crypto’s place in Canadian policy discussions. 

His past support for digital assets as an inflation buffer suggests he might push for clearer regulations and broader adoption. The Bank of Canada maintains a measured view. Concordia University’s Jeremy Clark says the central bank doesn’t see crypto threatening the Canadian dollar but continues watching digital currency developments.

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