Pierre Poilievre Gains Support from the Cryptocurrency Community as He Becomes the Front-Runner in the Canadian Federal Election

Canadian Prime Minister Justin Trudeau resigned on Saturday, paving the way for Conservative Party leader Pierre Poilievre to become the front-runner in the federal election scheduled for October 2020, according to Polymarket odds, which give him an 89% chance of winning.

Poilievre has gained strong support from the cryptocurrency community. Tesla (NASDAQ:TSLA) CEO Elon Musk shared a video of Poilievre discussing inflation and government overspending, writing “Perfectly articulated” in the caption.

In the video, Poilievre argues that inflation is caused by too much government spending, borrowing, and printing money. Coinbase (NASDAQ:COIN) CEO Brian Armstrong also showed support for Poilievre, commenting “Well said” under the video.

BTC Inc (NYSE:BTCC) CEO David Bailey suggested that Poilievre could establish a strategic Bitcoin reserve for Canada.

“Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve,”

Bailey wrote in a post on X.

Poilievre has been a vocal advocate for Bitcoin. During his 2022 campaign, he showcased the practical use of Bitcoin by purchasing a chicken shawarma in Ontario with the cryptocurrency.

This move echoes other political figures, such as Donald Trump, who used Bitcoin’s Lightning Network during his 2024 campaign.

In April 2024, Poilievre backed legislation that aimed to prohibit the introduction of a central bank digital currency (CBDC) in Canada. He has spoken out against the government’s control over financial systems and called for greater freedom for citizens to use cryptocurrencies.

On April 1, 2022, Poilievre wrote,

“Money-printing deficits make our wages go up in smoke. We need sound money again—and also the freedom for buyers and sellers to choose Bitcoin and other technology.”

Vancouver to Explore Bitcoin Reserve

Meanwhile, on December 11, Vancouver City Council approved a motion put forward by Mayor Ken Sim to explore holding Bitcoin in reserve, an initiative that also includes accepting cryptocurrency payments for municipal services.

Sim pledged $10,000 worth of Bitcoin to support the plan.