Pierre Poilievre's crypto support could reshape Canada's financial future, though challenges remain in the upcoming election - IcoHolder.
Pierre Poilievre, the leading candidate for Canada's Conservative Party, has garnered significant support from the cryptocurrency sector, with proponents hoping he will usher in a new era of financial freedom. However, as the 2024 federal election approaches, his ties to crypto may also present challenges.
Since former Prime Minister Justin Trudeau’s resignation on January 6, the crypto community has rallied behind Poilievre, hoping for a shift in Canadian policy that will favor digital assets. High-profile figures like Elon Musk and Brian Armstrong, CEO of Coinbase, have praised Poilievre’s views on inflation and economic freedom. Meanwhile, Bitcoin Magazine’s David Bailey confidently predicted that Poilievre would create a "Strategic Bitcoin Reserve" for Canada.
Over the years, Poilievre has made a number of statements that endeared him to the crypto world. Unlike Trudeau, who has been openly critical of crypto, Poilievre has embraced the technology, calling for greater financial choice and appealing to Canadians to "take control of your money" with cryptocurrencies. His support has even included symbolic acts, such as buying shawarma using Bitcoin’s Lightning Network and discussing Bitcoin over a hookah session.
However, some caution against reading too much into Poilievre’s crypto rhetoric. Morva Rohani, executive director of the Canadian Web3 Council, suggests that the Conservative Party might shy away from crypto during the upcoming election. The memory of major crypto crashes in 2022, including the collapse of FTX and Celsius, remains fresh in Canadians' minds. These events led to significant losses, with Canadian pension funds among the hardest hit.
In light of these failures, Poilievre and the Conservative Party have largely refrained from discussing crypto in recent months. Canadians' attention is firmly on issues like inflation, housing, and affordability, and many are skeptical about the promises of the crypto sector. Rohani warns that a strong crypto stance could alienate moderate voters in swing ridings, particularly in urban areas where the crypto community has less influence.
Despite the current reticence, there is hope that a Conservative government could still pave the way for more favorable crypto policies after the election. Industry leaders like Dean Skurka, CEO of crypto investment firm WonderFi, see potential for a leadership shift that could unlock Canada’s economic potential by embracing digital assets. Additionally, Sophia Cote of Shakepay believes that a future Conservative government would be more open to exploring how blockchain technology could solve key challenges like financial competition and affordability.
Even with this optimism, significant regulatory hurdles remain. Canadian crypto exchanges struggle with outdated laws, and the lack of tax advantages for cryptocurrency savings accounts hinders long-term investment in digital assets.
With Canada’s next federal election scheduled for October 2024, the crypto sector will be watching closely to see if Poilievre’s promises can align with the realities of Canadian voters, who may ultimately prioritize more pressing issues over digital innovation.
