On March 9, 2025, the Liberal Party of Canada announced Mark Carney as the country’s new Prime Minister, replacing Justin Trudeau after more than seven years in office. Carney, who won the party’s internal election in a landslide, brings extensive experience as the former Governor of the Bank of Canada (2008–2013) and the Bank of England (2013–2020). However, his views on Bitcoin and cryptocurrencies have drawn attention, particularly due to his past statement that Bitcoin has "serious deficiencies."

Background of Carney’s Bitcoin Critique
Mark Carney first voiced his critical stance on Bitcoin as early as March 2, 2018, while serving as Governor of the Bank of England. In one of his remarks, he highlighted Bitcoin’s fixed supply cap—limited to 21 million coins—as a fundamental flaw. Carney argued that this rigidity creates what he termed a "criminal act of monetary amnesia," drawing a parallel to the historical global gold standard. He suggested that recreating such an inflexible monetary system in the modern era was unwise.

Carney compared Bitcoin to the gold standard, asserting that its fixed supply prevents it from adapting to the dynamic needs of an economy. In his view, a currency that cannot be managed by a monetary authority to regulate inflation or ensure economic stability suffers from inherent weaknesses as a medium of exchange, unit of account, or store of value.

Carney’s Stance on Digital Currencies and CBDCs
While critical of Bitcoin, Carney is not entirely opposed to digital currency innovation. During his tenure at the Bank of England, he expressed support for the development of Central Bank Digital Currencies (CBDCs)—digital currencies issued and regulated by central banks. He views CBDCs as a natural evolution of monetary systems, enabling central banks to maintain price stability and control inflation, something he believes Bitcoin cannot achieve due to its decentralized nature.

In a 2021 lecture at the Bank for International Settlements, Carney stated that unregulated digital tokens like Bitcoin would only hold "token value" and could not serve as the core of a programmable financial network. This reinforced his preference for a monetary system under centralized oversight.

Comparison with Predecessor Justin Trudeau
Carney’s stance on Bitcoin appears more stringent than that of his predecessor, Justin Trudeau. In September 2022, Trudeau criticized opposition leader Pierre Poilievre’s pro-crypto platform, calling it "irresponsible leadership" for encouraging people to escape inflation by investing in cryptocurrencies. Carney, however, goes further with a monetary policy-based critique, signaling a deeper skepticism about Bitcoin’s legitimacy as an economic tool.

Carney’s Financial Sector Experience and Stripe
Interestingly, Carney also has experience in the payment technology sector. From February 2021 to January 2025, he served on the board of Stripe, a payment processing company that began integrating crypto payment solutions between 2022 and 2024. Despite this, his time at Stripe does not appear to have softened his views on Bitcoin as a monetary asset; rather, it may have reinforced his belief in innovations that remain within a tightly regulated framework.

Current Political and Economic Context
Carney’s appointment as Prime Minister comes amid significant economic challenges for Canada, including responding to new tariffs imposed by U.S. President Donald Trump. In his victory speech on March 9, 2025, Carney denounced Trump for "attacking Canadian families" with what he called unfair tariffs, asserting that Canada "will never be any part of America in any way, shape, or form." This focus on economic sovereignty may also reflect his cautious approach to monetary innovations like Bitcoin.

Potential Impact on Canada’s Crypto Policy
With Carney now leading Canada’s $1.9 trillion economy, his views on Bitcoin and crypto could shape future policies. His critique of Bitcoin suggests he may push for stricter regulations on decentralized crypto assets while accelerating the Bank of Canada’s exploration of a CBDC. This contrasts with the ambitions of figures like Conservative Party leader Pierre Poilievre, who once pledged to make Canada the "blockchain and crypto capital of the world."

Public Sentiment on Social Media
Sentiment on X reflects concern over Carney’s stance on Bitcoin. A user, @syntoshidog, posted on March 10, 2025, "Canada’s new PM Mark Carney once called Bitcoin’s supply cap a criminal act of monetary amnesia while backing CBDCs, now steering policy for a $1.9T economy." Another user, @EdGeraldX, quoted Carney’s remark that recreating a virtual gold standard is "criminal," highlighting unease within the crypto community about his leadership direction.

Conclusion
Mark Carney, Canada’s new Prime Minister, brings a critical perspective on Bitcoin rooted in his extensive experience as a central banker. His assertion that Bitcoin has "serious deficiencies" and his analogy of "monetary amnesia" underscore his preference for centralized, controllable monetary systems. While his tenure as leader will be tested by economic and political challenges, his stance on crypto is likely to influence Canada’s approach to financial innovation in the coming years. For the crypto community, Carney’s leadership could signal tighter regulations ahead, while the door for CBDCs may swing wider open.
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