Breaking News: Ex-Bank Boss, Mark Carney, Takes Over Canada – What’s Next for Bitcoin? 🚨💰

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Oh, hello there! Guess who’s about to be the boss of the Great White North? None other than Mark Carney, the ex-governor of the Bank of England and Bank of Canada. But here’s the twist: he’s not exactly Bitcoin‘s biggest fan…

On March 9, Carney swept the elections with a whopping 85.9% of the votes. It’s like winning the lottery, but instead of a jackpot, you get to run a country. 🎉

Mark Carney’s Bitcoin Beef

Carney’s stepping into the big shoes left by Justin Trudeau, who called it quits in January 2025 after ruling the roost for almost a decade. Despite never being a member of Parliament, Carney’s crisis management skills and international charm have won him major brownie points with the Liberal Party.

But let’s not pop the champagne just yet, crypto enthusiasts. Carney’s appointment isn’t exactly a ‘Hallelujah’ moment for the crypto market. He’s got some serious reservations about Bitcoin (BTC) and its decentralized cousins.

“Mark Carney, Canada’s new PM, has a history of giving Bitcoin the side-eye,” noted X user EdGeraldX. “He once called it out for having serious flaws.”

During his reign at the Bank of England, Carney didn’t mince words when it came to Bitcoin. He slammed its fixed supply cap, claiming it causes price swings that make it as stable as a toddler on roller skates. 🤣

“Bitcoin’s fixed supply is a recipe for a global speculative frenzy, spawning countless wannabe cryptos,” he declared.

Carney compared Bitcoin to a “digital version of the Wild West” – a place where lawlessness reigns supreme. He argued that Bitcoin and its ilk fail miserably as reliable stores of value, lacking the stability and transactional ease that real money should have.

Back in 2018, he even warned that Bitcoin could upset the financial apple cart if left unchecked, advocating for tighter reins to prevent it from being used for shady dealings like money laundering and funding terrorism.

CBDCs: Carney’s New BFF?

While Carney’s got beef with Bitcoin, he’s got hearts in his eyes for Central Bank Digital Currencies (CBDCs). He sees them as the future, much like how Indian regulators do. CBDCs, he believes, can broaden access to banking services and help central banks fight crime without breaking a sweat.

“Carney slams Bitcoin’s supply cap as criminal, backs CBDCs, and now wields power over a $1.9 trillion economy,” observed an X user.

Carney’s stance on Bitcoin and crypto is in line with – and dare we say, even tougher than – his predecessor’s. Remember when Trudeau took a swipe at Pierre Poilievre, the crypto-loving leader of Canada’s Conservative Party, back in 2022?

As Carney takes the helm, Canada finds itself embroiled in a trade tussle ignited by US President Donald Trump’s tariff tantrums. The US has slapped a 25% tariff on Canada, just weeks after lifting it.

With Carney’s aversion to Bitcoin, expect stricter rules to keep crypto in check. He’ll likely focus on preventing money laundering and protecting investors, much like he did at the Bank of England. This could impact crypto ETFs in Canada, like BlackRock’s Bitcoin ETF or 3iQ’s Solana ETF.

And brace yourselves, folks! Canada might just launch its own digital loonie, potentially sidelining Bitcoin and altcoins in the process.

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2025-03-10 13:25