The cryptocurrency industry strongly supports Pierre Poilievre, a pro-Bitcoin candidate who is the frontrunner in Canada’s upcoming federal election, with Polymarket estimating his chances of winning at 89%. The election is scheduled for October 20, following Prime Minister Justin Trudeau’s resignation on January 7 after the sudden departure of Finance Minister Chrystia Freeland.
Poilievre, leader of the Conservative Party, is widely recognized for his pro-innovation and pro-Bitcoin stance. He has drawn significant attention within the crypto community and beyond, with notable endorsements from figures like Tesla and SpaceX CEO Elon Musk, who praised Poilievre’s articulation of inflation and government spending issues in a viral video. Coinbase CEO Brian Armstrong also expressed support for Poilievre’s economic insights.
David Bailey, CEO of BTC Inc., suggested on January 7 that Poilievre could guide Canada toward establishing a strategic Bitcoin reserve akin to other national reserves like gold. Such reserves are seen as tools to bolster economic stability and hedge against inflation. The idea aligns with similar advocacy from U.S. President Donald Trump, who pledged in July 2024 to create a Bitcoin reserve for the United States.
Poilievre’s advocacy for Bitcoin is longstanding. During his 2022 campaign, he demonstrated Bitcoin’s usability by purchasing a chicken shawarma with it, mirroring Trump’s use of Bitcoin at a New York City bar in 2024. Poilievre has also proposed Canada embrace blockchain technology, describing it as the key to becoming a global leader in this sector. In April 2024, he backed legislation opposing the introduction of a central bank digital currency in Canada.
Prediction markets show overwhelming support for Poilievre, with crypto bettors giving him an 89% chance of victory. His closest rival, Chrystia Freeland, trails at 6.5%, with other candidates like New Democratic Party leader Jagmeet Singh at just 1.6%. Betting volumes on this prediction have reached over $500,000.
Meanwhile, Vancouver has embraced a Bitcoin-friendly stance. On December 11, the city council passed a motion introduced by Mayor Ken Sim to explore holding Bitcoin in reserve and accepting crypto payments for municipal services. Sim personally pledged $10,000 worth of Bitcoin to support the initiative, citing its potential to enhance financial stability for the city.
