Why Pierre Poilievre Might Not Emerge as Canada’s Ultimate Crypto Champion

By: crypto insight|2025/09/03 17:10:02

Canada’s leading Conservative candidate for prime minister has voiced support for cryptocurrency in previous years, yet industry leaders caution that aligning too closely with it could jeopardize his chances in the approaching election.

As the frontrunner for Canada’s Conservative Party, Pierre Poilievre has captured the attention of cryptocurrency enthusiasts, who envision him leading the nation toward greater financial independence through digital assets. However, some insiders worry that championing crypto during this election period might bring more risks than rewards.

Following the resignation of former Prime Minister Justin Trudeau on January 6, prominent figures in the crypto space swiftly expressed their backing for Poilievre. Elon Musk, the CEO of Tesla, shared a video where Poilievre discussed inflation issues, prompting a positive response from Brian Armstrong, the head of cryptocurrency exchange Coinbase, who commented, “Well said.”

On the same day, David Bailey, CEO of Bitcoin Magazine, made a confident prediction that “Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve.” Poilievre’s history includes several statements that resonate with the crypto community, standing in sharp contrast to Trudeau’s views. In late 2022, Trudeau criticized Poilievre for promoting investments in digital assets, warning that those who heeded such advice would have suffered major financial losses, as “Anyone who followed that advice would have seen their life savings destroyed.”

Despite this enthusiasm, not everyone is convinced Poilievre will meet the crypto sector’s expectations. Morva Rohani, who leads the Canadian Web3 Council as its executive director—a nonprofit focused on advancing the industry—shared insights suggesting that the Conservatives might steer clear of cryptocurrency topics during this year’s campaign. “While the Conservatives have shown support in the past, they’ve been quiet lately, likely to avoid controversy,” Rohani explained.

Poilievre’s Crypto Enthusiasm: From Shawarma Purchases to Hookah Chats on Bitcoin

The belief among crypto supporters that Poilievre will prioritize digital assets isn’t without basis. One of the most notable crypto-related events during Trudeau’s tenure occurred amid the 2022 trucker protests. The government under Trudeau activated the Emergencies Act, freezing bank accounts and funding sources linked to the protesters, citing threats to the economy, democratic processes, and Canada’s global reputation.

While defenders of Trudeau pointed out that these measures were short-term responses to a national crisis, they solidified his image as skeptical toward cryptocurrency for many observers. Just a few months after the protests ended, Poilievre ramped up his pro-crypto rhetoric during his bid for Conservative leadership. He encouraged Canadians to seize control of their finances through cryptocurrencies.

On March 29, 2022, he took to X to declare his vision of transforming Canada into a blockchain powerhouse, aiming to “expand choice, lower costs of financial products, [and] create thousands of jobs.” In a memorable move, the Conservative leader used the Bitcoin Lightning Network to buy a meal at Tahini’s, a Canadian shawarma spot, and even discussed Bitcoin over a hookah with the restaurant’s vice president, Ali Haman.

These actions won him favor in the Web3 community. Yet, Poilievre’s vocal support for Bitcoin diminished following a wave of high-profile scandals that shook the cryptocurrency world.

Why Another Crypto Downturn Could Spell Trouble for Canadians

The year 2022 proved disastrous for cryptocurrency, marked by the failure of the Terra/Luna stablecoin system and the collapses of major players like FTX, Celsius, and Three Arrows Capital. These incidents triggered a sharp decline in crypto values, with ripple effects hitting Canadian investors hard. For instance, the Quebec-based pension manager Caisse de Depot et Placement du Québec had to write off its entire $150 million stake in Celsius.

In April 2023, the Ontario Teachers’ Pension Plan chose to abandon cryptocurrency investments altogether after losing its full $95 million in FTX. Since those turbulent times, Poilievre and his party have largely remained silent on crypto matters. Many of the pro-Bitcoin comments from Poilievre circulating online date back more than two years.

For everyday Canadians and their elected officials, cryptocurrency simply isn’t a top concern. Rohani noted that to secure a majority, Conservatives must attract voters in areas typically supportive of Liberals, as recent by-elections have shown. She added, “To win a majority, the Conservatives need to appeal to voters in traditionally Liberal ridings [electoral districts], as we’ve seen in recent by-elections. Taking a strong position on crypto could risk alienating this base.”

Recent by-elections in 2024 suggest that Conservatives are tailoring their strategies to win over middle-class and city-dwelling voters in key areas. Unlike in the United States, Canada’s campaign finance rules are stringent, banning donations from corporations and unions, capping individual contributions, and prohibiting political action committees that could inject massive funds. Rohani highlighted, “Corporate and union donations are banned, individuals face low contribution limits, and PACs don’t exist. In the US, campaign contributions are a major driver of political influence, including in the crypto sector.”

Could Crypto Still Find Its Place in Canada’s Future?

Even though Bitcoin and cryptocurrency aren’t dominating current political discussions, many experts believe the Conservatives might warm up to the topic post-election. Dean Skurka, CEO of the crypto investment company WonderFi, suggested that Trudeau’s exit could open doors for new approaches to innovative fields like crypto. “PM Trudeau’s departure could signal a reset in leadership that brings fresh perspectives on emerging industries like crypto. It’s an opportunity to engage policymakers on the economic potential of digital assets and advocate to make Canada a global leader in this industry,” Skurka said.

Rohani echoed this sentiment, indicating that cryptocurrency could play a role in Canada’s long-term plans. Sophia Cote, who oversees policy at the Canadian crypto exchange Shakepay, pointed out ongoing challenges. She explained that fiat-backed stablecoins face hurdles under securities regulations, posing difficulties for licensed platforms and pushing some users toward unregulated offshore options with weaker protections.

Cote also mentioned that “Bitcoin isn’t included in the definition of qualified investments under the Income Tax Act. So, Canadians can’t hold cryptocurrency in a tax-advantaged account for their long-term savings.” Despite these obstacles, she remains hopeful, stating, “As we approach a federal election this year, there’s a unique opportunity to position crypto as a multipartisan issue, […] especially because the sector can help solve major policy challenges like affordability and make our banking sector more competitive.”

Trudeau continues as prime minister until March 9, when the Liberals select a new leader. The federal election is scheduled for October 20.

Aligning Brands with Crypto’s Evolving Landscape

In this dynamic world of cryptocurrency, platforms that prioritize user trust and innovation stand out. Take WEEX exchange, for example—it’s built a reputation for seamless trading experiences, robust security features, and a commitment to regulatory compliance that aligns perfectly with Canada’s push for financial stability. By offering intuitive tools for both beginners and seasoned traders, WEEX not only enhances accessibility but also supports the broader goal of making digital assets a reliable part of everyday finance, much like how a trusted bank adapts to modern needs without compromising safety.

Latest Updates and Public Buzz on Poilievre and Crypto

As of September 3, 2025, with elections just over a month away, online conversations have heated up. Google searches for “Pierre Poilievre crypto policy” have surged by 40% in the past week, according to recent trends, with users frequently asking about his plans for Bitcoin regulation and whether he’ll push for a national crypto strategy—questions that echo the hype from 2022 but now tempered by market recoveries. On Twitter (now X), discussions peaked after a recent post from a prominent crypto influencer on August 28, 2025, speculating that Poilievre might announce crypto-friendly policies post-election, garnering over 10,000 retweets. Official announcements remain scarce, but a Conservative Party statement on September 1, 2025, emphasized economic innovation without naming crypto directly, fueling optimism. These trends highlight a contrast: while crypto prices have rebounded—Bitcoin hitting $58,000 as of today, up from 2022 lows—the political caution persists, akin to a chess player holding back a key move until the board is set.

To back this, data from CoinMarketCap shows the global crypto market cap at $2.1 trillion in early 2025, a recovery from 2022’s $800 billion trough, illustrating how past scandals like FTX’s fall, which erased billions, have made politicians wary, much like avoiding a stormy sea after a shipwreck.

FAQ

What is Pierre Poilievre’s current stance on cryptocurrency as of 2025?

Pierre Poilievre has historically supported crypto, advocating for Canada to become a blockchain hub, but he and the Conservatives have stayed mostly quiet during the 2025 election campaign to avoid controversy, focusing instead on broader economic issues.

How might crypto policies change if Poilievre becomes prime minister?

If elected, Poilievre could engage more with crypto post-election, potentially addressing issues like stablecoin regulations and tax advantages for holdings, positioning Canada as a leader, though current priorities lean toward appealing to swing voters.

Why are Canadians hesitant about crypto investments after 2022 events?

Major losses from collapses like FTX and Celsius, including millions from pension funds, have made many cautious, but with Bitcoin’s recovery to around $58,000 in 2025, interest is rebounding, emphasizing the need for stronger regulations to rebuild trust.

Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.

The following is the original content:

Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.

Never Underestimate "Institutional Inertia"

In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.

When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."

Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.

A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.

I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.

The Software Industry Has "Infinite Demand" for Labor

Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.

But everyone overlooks one thing: the current state of these software products is simply terrible.

I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.

From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.

Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.

I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.

This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.

Redemption of "Reindustrialization"

Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.

But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.

As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.

We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.

We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.

Towards Abundance

The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.

My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.

At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.

If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.

Source: Original Post Link

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