Canadian Conservatives Elect Crypto-Loving Populist as New Leader
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As major developed economies consider potential crypto regulatory regimes, it has become clear that nothing can be accomplished without positive government action. In Canada, where the Conservative Party recently secured major crypto representation, bitcoin trading appears to have a bright future.
From MP to PM?
Over the weekend, Pierre Poilievre, a Member of Canada’s Parliament (MP), was officially elected as the head of the country’s Conservative Party and the official opposition coalition. The 43-year-old Calgary native, who has served in Canada’s Parliament since 2004, is now the sixth leader of Canada’s Conservative Party. And he will lead the effort to oust Prime Minister (PM) Justin Trudeau.
Poilievre won the first round of ranked-choice voting with 68% of the vote. The former MP has campaigned on some populist rhetoric, criticising the current administration for overextending its power. He has also committed to reducing government spending and taxes. Poilievre believes these two factors are responsible for Canada’s soaring inflation.
While there have been debates about the validity of his political and economic ideologies, Poilievre is well-known for being an outspoken supporter of cryptocurrencies and blockchain technology. Earlier this year, at a rally in London, Ontario, the then-MP stated that he would be looking to put Canadians “back in control of their money”. Poilievre touted blockchain and cryptocurrency as a solution to the country’s financial and economic woes.
Give people back control of their money. Keep crypto legal and let it thrive.
Become a party member, so you can vote for me as leader, and let's make Canada the blockchain capital of the world: https://t.co/d9I1ky9w2t pic.twitter.com/S1IcVETmZF
— Pierre Poilievre (@PierrePoilievre) March 29, 2022
Poilievre explained, in part, that he believed the government had ruined the Canadian dollar. As a result, citizens should be free to use any other form of money they desire. The politician said he would work to make Canada the world’s blockchain capital while also putting Bitcoin to the test by using it to buy a snack from a local deli.
An Opportunity for Crypto to Thrive
Poilievre is assuming leadership of the Canadian Conservative Party, which also appears to be warming to cryptocurrency. Earlier this year, the Party introduced Canada’s first crypto regulatory bill in Parliament, directing the Ministry of Finance to develop a comprehensive framework for controlling the assets within the next three years. With a pro-crypto leader in place, the Conservatives may be able to push for more comprehensive crypto policies in the future, as interests appear to have aligned.
However, aligning interests does not always imply that everything will be fine. For one thing, it appears that investments in cryptocurrency are waning in Canada. According to Finder.com data, only 10% of adult Canadians currently own cryptocurrencies, down from 13% last year. This isn’t surprising, given that coin prices have been steadily declining all year. Crypto experts expect interest in the market to rise again. However, this will most likely happen only if prices rise again.
Simultaneously, there is the issue of Canada’s current political landscape. While the Conservative Party has received a flood of public support, many of whom are dissatisfied with Trudeau’s government and policies, the Liberal Party has remained strong.
Trudeau has received some support from the left-wing New Democrats, suggesting that an election between him and Poilievre may not occur until 2025. While pollsters believe Poilievre will be a formidable opponent for Trudeau, early indications suggest that the race could be won at the last moment.
Nonetheless, the future of crypto regulations in Canada is bright. Despite winning a historic third term as Prime Minister last September, Trudeau’s Liberal Party only captured 158 of Parliament’s 338 seats. That was far short of the 170 seats required for the Party to have a parliamentary majority. As a result, any legislation passed will require the Conservatives’ input.
With Liberal support dwindling, the Conservatives have a chance to gain seats in the next election, even if Poilievre fails to depose Trudeau.
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