TLDR
Justin Trudeau announced resignation as Canadian PM and Liberal Party leader, with Parliament suspended until March 24
Opposition leader Pierre Poilievre, leading by 24 points in polls, previously advocated for making Canada a “crypto capital” and used Bitcoin to buy shawarma in 2022
Poilievre has been critical of central banking, supporting Bitcoin as inflation hedge and opposing CBDCs
Recent polls show Conservative Party has 98% chance of winning majority government
Trudeau’s resignation comes amid party conflicts over deficit handling and concerns about potential Trump tariffs
Canadian politics took an unexpected turn when Prime Minister Justin Trudeau announced his resignation on January 6, pushing opposition leader Pierre Poilievre into the spotlight. As polls show the Conservative Party leader holding a commanding lead, his past cryptocurrency advocacy has drawn renewed attention.
Trudeau’s decision to step down as Liberal Party leader and prime minister came amid internal party tensions over deficit management and concerns about potential tariffs from US President-elect Donald Trump. The Parliament remains suspended until March 24, during which time the Liberal Party is expected to select a new leader.
Recent polling data from CBC News reveals the Conservative Party’s strong position, with a 24-percentage-point lead over the Liberals and a 98% chance of securing a majority government. This has brought increased scrutiny to Poilievre’s past statements and positions, particularly his stance on cryptocurrency.
In March 2022, during a campaign event that gained renewed attention recently, Poilievre made headlines by purchasing a chicken shawarma using Bitcoin. The video of this transaction resurfaced alongside his bold declaration to transform Canada into “the blockchain and crypto capital of the world.”
Trudeau out; Poilievre in.
Here's 10 minutes of Canada's incoming Conservative leader @PierrePoilievre lambasting the fiat money system, and explaining why Bitcoin is "higher quality."
BTC is up over 100% since this speech.
Bitcoiners are taking over the world.
https://t.co/cotO7urMFt pic.twitter.com/gbfd1vmuYv
— BitcoinOS (@BTC_OS) January 6, 2025
During the same event, Poilievre voiced criticism of Canada’s central banking system and existing cryptocurrency regulations. He promoted Bitcoin as a method for Canadians to protect themselves against inflation, though these comments later became fodder for Liberal Party attack ads when cryptocurrency markets experienced a downturn in late 2023.
Poilievre’s cryptocurrency advocacy extended beyond public demonstrations. In 2022, he posted on X (formerly Twitter) supporting freedom of choice in payment methods, specifically mentioning Bitcoin and other technologies. He has consistently opposed the development of a central bank digital currency (CBDC), calling the Bank of Canada “financially illiterate.”
Take control of your money.
Become a member: https://t.co/d9I1ky9w2t #shawarmaforbitcoin https://t.co/QzqVT5nSSU
— Pierre Poilievre (@PierrePoilievre) March 28, 2022
The Conservative leader’s personal investment history has also faced examination. In May 2022, CTV News reported that Poilievre’s asset disclosure forms showed holdings in the Purpose Bitcoin exchange-traded fund (ETF), a local spot Bitcoin investment vehicle. However, by November 2023, these holdings reportedly no longer appeared in his disclosures.
More recently, in April 2024, Poilievre reinforced his position by supporting legislation aimed at banning central bank digital currencies while protecting traditional cash usage. This stance aligns with his earlier criticisms of government involvement in digital currencies.
The upcoming political transition occurs at a crucial time for Canada. The federal election must be called no later than October 20, with 172 seats needed in the 343-seat House of Commons to form a majority government.
Trudeau’s departure follows mounting challenges within his party. The Prime Minister faced an impending no-confidence motion scheduled for later this month, highlighting internal disagreements over his economic policies and approach to international trade relations.
The Conservative Party’s substantial lead in polls suggests potential major policy shifts ahead for Canada. Poilievre’s leadership has maintained consistent messaging on economic issues, including his stance on digital currencies and financial policy.
The timing of Trudeau’s resignation announcement has sparked various political movements. Parliament’s suspension until March provides the Liberal Party with a window to organize their leadership transition and prepare for the upcoming electoral challenge.
The Conservative Party’s position has strengthened amid growing economic concerns among Canadians. Poilievre’s past criticism of monetary policy and inflation has resonated with voters worried about economic stability.
Within Canada’s cryptocurrency community, discussions have emerged about the potential implications of Poilievre’s past statements. His previous support for crypto-friendly policies stands in contrast to the more cautious approach taken under the current administration.
The political landscape continues to evolve as the Liberal Party prepares to select Trudeau’s successor. The leadership change comes at a time when Canada faces various economic challenges and policy decisions regarding digital currencies and financial innovation.
The post Former Bitcoin Supporter Leads Polls in Canadian PM Race appeared first on Blockonomi.
