Canada has chosen its new Prime Minister Mark Carney, a former central banker and Bitcoin critic who would be replacing former Prime Minister Justin Trudea to be the new leader of the country.
Carney won on March 9 in a landslide vote to choose the replacement for Justin Trudeau, who held the position for over seven years.
But Carney's victory is hardly good news for the local crypto community, given the Prime Minister's skepticism towards Bitcoin and cryptocurrency.
His victory comes at a very tumultuous time for the country, as Trump had repeatedly said he would be slapping tariffs on Canada as a way to control the immigration problem the United States is currently facing.
Carney has also positioned himself as a bit of a Bitcoin skeptic. Back in 2018, Carney had called the fixed-supply cap of Bitcoin a serious deficiency. Commenting on Bitcoin back when he was still the governor of England's top bank, Carney said
"The fixed supply of Bitcoin has fed a global speculative mania that has encouraged a proliferation of new cryptocurrencies."
During the same speech, he also claimed that Bitcoin adn cryptocurrency has proven to be "poor short term stores of value"; he even drew a similarity between Bitcoin and the lottery, where your chances of gaining a profit or losing money is purely based on chance.
"If you had taken out a 1,000 pound student loan in Bitcoin in last December to pay your sterling living costs for next year, you'd be short of about 500 pounds right now. If you'd done the same last September, you'd be ahead by 2,000 pounds. That's quite a lottery."
He has also criticized Bitcoin as being insufficient in fulfilling all three functions of a currency: a store of value, a medium of exchange and a unit of account
When asked in the interview "how well do cryptocurrencies fulfill the roles of money?", Carney answered by saying how cryptocurrency can only act as money for a limited group of people in a very restricted way. He adds that even under those circumstances, Bitcoin would need to be used in parallel with the traditional currencies of users.
Despite his cynicism of Bitcoin, he has championed for central bank digital currencies, stating that they could expand banking access to more individuals and businesses while suggesting it could help central banks "fight terrorism and economic crime."
Carney's negative views on Bitcoin and crypto appears to be even stronger than Trudeau's, who once describes opposition leader Pierre Polievere's pro-crypto platform as "reckless."
Given how all these comments were dug out from his interviews and speeches back in 2018, we do not know if his stance on crypto or Bitcoin has changed over the years.
But considering his past biases regarding cryptocurrency, we can safely say that Canada isn't going to be a strong crypto hub anytime soon.
Several media outlets have cited Carney's recent remarks on crypto. Allegedly, he had invalidated Bitcoin's as a legit trading currency and called it a speculative asset that could damage the financial stability of the country.
While Carney previously served as the board of directors member at Stripe, a company that supported crypto payments, but I doubt that represents his personal view on the issue.
While Carney isn't fond of cryptocurrency but he is in favor of AI. The future Prime Minister believes that AI will be able to maximize efficiency, cut costs, reduce waste, and boost productivity. He particularly named education, healthcare, and construction as spheres that should be improved through AI implementation.
Carney has also voiced his vision of making Canada the leader in AI and digital technology. He also called for a multi-trillion investments in AI and the building of data centers.
Meanwhile, tensions between Canada and the U.S. continue to escalate, with President Donald Trump threatening new tariffs on Canada and Mexico. The move, framed as a response to concerns over drug trafficking and border security, has triggered economic uncertainty, with U.S. stock markets dipping amid recession fears.
In his victory speech on Monday, Carney vowed to stand firm against the U.S. in ongoing trade disputes. As Carney prepares to take office, both Canadians and global investors will be watching closely to see how his past skepticism toward cryptocurrencies shapes his economic policies.
Additionally, his approach to managing Canada’s increasingly tense relationship with the U.S. could prove pivotal in defining his leadership and the nation’s financial future.
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