As Justin Trudeau announces his resignation from the Liberal Party and steps down as Prime Minister of Canada, crypto leaders have seemingly chosen their next favorite.
Pierre Poilievre, the leader of the Conservative party is a known supporter of cryptocurrency and decentralized finance (DeFi). Reports of Poilievre’s support stem from 2022, in which he appeared on a crypto-focused podcast and promoted it at an event.
One source of support is CEO Elon Musk. On his X (formerly Twitter) platform, he posted a video of Poilievre speaking with workers about spending cuts. Musk dubbed the video as “Perfectly articulated”.
Perfectly articulated
pic.twitter.com/0R00kkCC7z— Elon Musk (@elonmusk) January 7, 2025
David Bailey, the CEO of BTC Inc., which runs Bitcoin Magazine and “the world’s largest Bitcoin conference”, said that he expects the Conservative leader to “deliver Canada a Strategic Bitcoin Reserve”. This follows US plans to start stockpiling the digital currency, similar to precious metals.
Vancouver recently passed a motion to explore the possibility of the city creating its own reserves. Poilievre has also backed a ban on the Canadian central bank from creating its own digital currency, similar to Europe’s ongoing project.
Pierre Poilievre backs crypto with own investments
Poilievre has had investments in cryptocurrency, which are publically stated in disclosure forms. These are through Purpose Bitcoin.
Purpose Bitcoin describes itself as the “world’s first Bitcoin ETF”, which trades on more traditional markets, rather than exclusively via crypto exchanges.
In 2023, it was reported that Poilievre’s crypto holdings in Purpose Bitcoin were no longer included on his disclosure forms. These have since returned and as of November 2024, haven’t been removed since.
It’s not known if he sold off his Bitcoin or if the value dipped below the CAD 10,000 mark that’s required to make it known.
Bitcoin’s (BTC) value has skyrocketed in recent months, as the United States prepares to inaugurate Donald Trump. The 47th President has incredibly supported crypto, causing the enormous leap to over $100,000 value per BTC.
Featured image: Pexels, Bitcoin.org, Wikicommons
