- Justin Trudeau’s resignation creates political uncertainty, with Canada potentially shifting toward a pro-Bitcoin policy under new leadership.
- Pierre Poilievre’s support for Bitcoin could reshape Canada’s regulatory stance, influencing digital asset adoption and financial policy.
Canadian Prime Minister Justin Trudeau has announced his resignation, a decision influenced by mounting political pressure and internal party divisions.
With the Liberal Party facing electoral challenges, Trudeau’s departure is expected to reshape Canada’s political and economic direction ahead of the next general election, scheduled no later than October 20.
Trudeau’s tenure has been marked by economic concerns, rising inflation, and political controversies, which have contributed to declining voter confidence, as we have discussed on ETHNews.
His resignation also follows recent turbulence within his administration, including the departure of Finance Minister Chrystia Freeland, further adding to the uncertainty surrounding Canada’s fiscal outlook.
Pro-Bitcoin Leadership Gains Momentum
As Canada undergoes a political transition, attention has shifted to Conservative Party leader Pierre Poilievre, a well-known Bitcoin advocate. Poilievre has been outspoken about the benefits of digital assets, positioning himself as a proponent of financial decentralization and blockchain technology.
His potential leadership could influence Canada’s stance on cryptocurrency regulation, creating an environment that is more aligned with digital asset adoption.
Poilievre’s pro-Bitcoin rhetoric has contrasted sharply with Trudeau’s skepticism, with past debates highlighting policy differences on financial innovation and economic strategy.
Bitcoin and Canada’s Regulatory market
The relationship between the Canadian government and Bitcoin has been complex, particularly following the 2022 Freedom Convoy protests. During this period, Trudeau’s administration invoked emergency measures, allowing financial institutions to freeze bank accounts linked to protest organizers, including those receiving Bitcoin donations.
Bitcoin (BTC) is currently trading at $102,121.29, reflecting a 3.76% increase in the last 24 hours. Its market capitalization has risen to $2.02 trillion, with a 24-hour trading volume of $51.7 billion, marking an impressive 154.36% surge.
The circulating supply remains at 19.8 million BTC, with a fixed maximum supply of 21 million BTC.
Bitcoin continues to attract strong institutional interest, with ETF inflows surpassing $38 billion, signaling growing market confidence. The U.S. government is considering a Strategic Bitcoin Reserve, aligning with global trends toward incorporating BTC into national financial strategies.
Additionally, Bitcoin’s hashrate has reached an all-time high, reinforcing network security and miner confidence. Other developments include MicroStrategy’s plan for a $2 billion stock offering to increase BTC holdings, which showcases the expanding corporate adoption of Bitcoin as a treasury asset.
