Libertarians and conservative types are most likely to be interested in cryptocurrencies. Bitcoin allows you to keep the government away from your money and use your finances in ways that you deem appropriate without anyone sticking their noses in your business. Canada is a liberal country and wants to impose more regulations that could significantly slow down adoption.
On the conservative front, Pierre Polievre is the strongest proponent of cryptocurrencies. He recently remarked that he wants to see Ottawa becoming the biggest crypto-using city in the world.
Canada is struggling to keep inflation under control
The Central Bank of the country is failing at its main job — reducing inflation. Instead, interest rates are being raised every so often causing many people to doubt their financial future in the country. The Canadian dollar has been losing value and failing against the US dollar and other strong fiat currencies. At the same time, the political atmosphere is more and more divisive with each month causing a lot of social anxiety.
Polievre believes that Canadians must have the right and ability to use any type of money they like. If the chosen alternative is Bitcoin, so be it. The politician stated that Bitcoin is a way for many of his voters to opt out of inflation and simply stop using CAD. In his YouTube video, Pierre Polievre says that he wants to see Ottawa becoming the crypto capital and that the city should allow citizens to use Bitcoin on all levels including the retail and service industry.
Currently, Canada has over 600 different blockchain projects developed by local app builders and over 300 different startups that want to offer services in the crypto industry or work on creating products allowing for crypto adoption in the future.
Many politicians oppose Polievre
Justin Trudeau criticized remarks of Polievre about Bitcoin and how Canadians can opt out of inflation. He called such statements irresponsible and examples of “bad leadership”. Other liberal politicians are also against using crypto, at least, without strict regulations. We will see how this battle will end.