• The candidate for Prime Minister of Canada supports the usage of Bitcoin as a form of payment

  • Canadians should be able to use Bitcoin and other digital assets as money, according to the Conservative candidate for Prime Minister.

    Pierre Poilievre, the Conservative Party’s candidate for Prime Minister in Canada, has come out in favor of allowing Canadians to use Bitcoin (BTC) as legal tender.

    On Tuesday, the YouTube channel BITCOIN released a video of Poilievre speaking in front of a gathering of approximately 100 people at a nearby restaurant, claiming that Canadians need “greater financial independence.” “That includes the freedom to own and use cryptocurrency, tokens, smart contracts, and decentralized finance,” he continued.

    “People should be able to choose their own money.” If the government is going to abuse our money, we should be able to utilize other, better money.”

    In reaction to the Freedom Convoy rallies in Ontario earlier this year, the Canadian government, led by Liberal Party Prime Minister Justin Trudeau, adopted a harsh stand against cryptocurrency. Canadian government froze protestors’ bank accounts in January and February, attempting to prohibit all donations to the truckers, including those made in cryptocurrency.

    Koleya Karringten, executive director of the Canadian Blockchain Consortium (CBC), said on Tuesday that the Liberal government is now “hostile to crypto” due to a “lack of information, understanding, and regulatory clarity.”

    “Having a strong advocacy posture to educate the government on blockchain is critical.” When people see the amount of tax income, they’ll realize this isn’t a criminal enterprise; it’s an industry of innovation.”

    Following the issues posed by Prime Minister Trudeau using the Emergencies Act in February, Karringten believes there are now more crypto holders. According to Catalyst, a non-profit group, the issues may have resembled a bank run.

    Despite his zeal, Poilievre’s advocacy for Bitcoin may only appeal to a limited segment of the Canadian population. Only about 14% of Canadian people over the age of 18 owned bitcoin as of last October, according to research firm Ipsos. That amount, however, is up from just 3% in 2016, indicating a fantastic rate of growth.

    The future of cryptocurrency adoption is bright, as Ipsos discovered that roughly 25% of Canadian people are considering purchasing cryptocurrency in the future. This opinion is supported by a poll published in January, which found that 62 percent of 1,000 Canadian respondents would be interested in being paid in cryptocurrency by 2027.

    Karringten agrees that Canada’s acceptance of cryptocurrency is likely to be positive. Residents in the province of Alberta, where the CBC is based, have expressed a “great rise” in interest, according to her. She continued, ”

    “Banks can no longer ignore it.” Politicians can no longer ignore it. ‘How can we embrace it?’ they’re all asking now.”

    What's your reaction?