Official announcement by Elections Canada

Trudeau Resigns After 11 Years, Setting Stage for Pro-Bitcoin Leader Poilievre in October Election

Jan 6, 2025, 05:16 PM

Canadian Prime Minister Justin Trudeau has announced his resignation, effective once a new leader is chosen for the Liberal Party. Trudeau, who has led the party for 11 years and served as Prime Minister since 2015, cited internal battles as the reason for his departure, stating he will not lead the party into the next election. His resignation paves the way for a potential leadership change, with Pierre Poilievre, the leader of the Conservative Party, emerging as a strong contender for the position. Poilievre is known for his advocacy of Bitcoin and financial freedom, having previously used Bitcoin to buy food and publicly supporting its use to opt-out of inflation. The general election in Canada is scheduled for October, and current polls favor Poilievre. Trudeau's exit could lead to a shift in Canada's approach to cryptocurrency, given Poilievre's pro-Bitcoin stance. During Trudeau's tenure, the government's freezing of crypto accounts during the 2022 Freedom Convoy protests drew criticism from the crypto community. It's worth noting that securities regulation in Canada is primarily managed at the provincial level, potentially limiting the influence of the next prime minister on crypto policy. Mark Carney, former governor of the Bank of England, has been mentioned as a potential contender to replace Trudeau.