It’s expected that Canadian Prime Minister Justin Trudeau might declare his plan to relinquish his position as leader of the Liberal Party as soon as today, based on information from unnamed sources with knowledge of the situation who have spoken to Reuters and The Globe and Mail.
Following a string of disappointing surveys and growing dissent from his political allies, there’s speculation about Trudeau possibly leaving office. However, the exact moment of his potential resignation remains uncertain; some reports hint that he might relinquish the leadership role but continue as Prime Minister until a new Liberal leader is appointed.
Under Justin Trudeau’s leadership, which started in 2013 when the Liberal Party was facing challenges, he managed to guide them into power in 2015 by advocating for progressive policies. Yet, the complexities of governing, particularly addressing the fallout from the pandemic, have had significant impacts. As a result, there’s growing discontent among the public due to increasing costs and strains in the housing market stemming from immigration policies.
In this current context, my focus as a researcher lies on the emergence of Pierre Poilievre, the Conservative Party leader, who offers a striking contrast. He’s become vocal in his criticism of the Bank of Canada and is an ardent supporter of cryptocurrencies. His stance is clear: he believes that the government is undermining the Canadian dollar, and he advocates for the liberty of Canadians to use alternative forms of currency, such as Bitcoin.
If elected as Prime Minister, Poilievre aims to turn Canada into the global leader in blockchain technology, while resisting any approach similar to China’s restrictions on cryptocurrencies. He also plans to establish a regulatory system that invites blockchain businesses to operate nationwide.
Trudeau publicly mocked Poilievre’s endorsement of cryptocurrencies, stating that investing in such unpredictable assets is irresponsible and could potentially wipe out people’s savings. Conversely, Poilievre asserts that cryptocurrencies provide an option to the existing financial system and a way to avoid inflation. Moreover, he has declared his intention to halt the development of a Canadian Central Bank Digital Currency. Interestingly, Poilievre’s financial declarations reveal that he owns shares in a Bitcoin exchange-traded fund based in Canada.
The upcoming Canadian federal election is set for no later than October 2025. Should Trudeau resign from office, this political transition may significantly alter the current landscape, possibly opening the door for leaders such as Poilievre who advocate for cryptocurrencies. This could mark a notable shift in Canada’s policy regarding digital assets.
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2025-01-06 14:57