The Canadian general election has just concluded with a noteworthy result: Mark Carney, former Governor of the Bank of England and a Bitcoin critic, has won and continues to hold the position of Prime Minister of Canada, defeating Pierre Poilievre – a prominent politician with a strong pro-cryptocurrency stance.
A close race, a last-minute surprise
In January, many surveys showed that Poilievre had a clear advantage and was seen as the frontrunner in the race. He was publicly supported by billionaire Elon Musk and at one point had an 89% chance of winning on the Polymarket cryptocurrency prediction market.
However, things began to change when U.S. President Donald Trump escalated political and trade tensions with Canada. Threatening sovereignty statements, such as Canada should become the '51st state' of the U.S., outraged Canadian public opinion. In this context, Carney took a tough stance against Trump, which helped him regain favor with voters and reverse the election landscape.
By election day, Mark Carney had an 81% chance of winning on the Myriad prediction market. The official results confirmed he continues to hold the position of Prime Minister after succeeding Justin Trudeau since March.
The confrontation between two approaches to cryptocurrency
This result has garnered special attention from the cryptocurrency community, as the two candidates represent two opposing views on cryptocurrency:
Pierre Poilievre, representing the Conservative Party, is the most prominent Bitcoin supporter in Canadian politics. He has stated his desire to make Bitcoin a legal method of payment and proposed several investor-friendly policies for digital currency.
Mark Carney, on the other hand, has been a critic of Bitcoin for many years. As a former central bank leader, he has praised government digital currencies (CBDCs) – a type of asset largely viewed by the crypto community as a tool for tight control and contrary to the spirit of freedom and decentralization of Bitcoin.
Carney's victory disappointed many in the cryptocurrency community, especially as hopes were placed on a future where Canada would become a Bitcoin-friendly hub under Poilievre, which is now extinguished – at least in the short term.
There are still many unresolved issues
Although Carney won, his Liberal Party still lacks four seats to achieve an absolute majority in the House of Commons. This may force the new government to compromise on some policies, including those regarding cryptocurrency, if they wish to collaborate with other parties.
Moreover, Bitcoin's increasing emergence as a mainstream financial topic globally will raise pressure to adjust policies in Canada during Carney's term.
Although the election results were unfavorable for the cryptocurrency community, the crypto market is still growing globally. The race between conservative policies and technological innovation is still unresolved, and the future of Bitcoin in Canada – as well as globally – will continue to be determined by increasingly complex geopolitical factors.
Note: The crypto market always carries risks. Investors need to conduct thorough research and have a cautious asset management plan before making any decisions.
