Tesla and SpaceX CEO Elon Musk has shown his support for Pierre Poilievre, Canada’s pro-Bitcoin opposition leader.
This follows Canadian Prime Minister Justin Trudeau’s announcement of his resignation on January 7, in the wake of the abrupt departure of his finance minister, Chrystia Freeland.
The Endorsement
Musk shared a video of Poilievre discussing inflation and fiscal policy on X, captioning it, “Perfectly articulated.” As the Conservative Party leader, he is now widely seen as the frontrunner to succeed Trudeau, with Canada’s federal election scheduled for October 20, 2025.
The video has gained a lot of attention, particularly from the cryptocurrency community, which has rallied behind him due to his pro-crypto stance and advocacy for innovation.
The opposition leader has been a long-time supporter of Bitcoin, frequently appearing on digital asset podcasts and advocating for Canada to become the “blockchain capital of the world.”
In his 2022 campaign, he made his backing of the flagship cryptocurrency clear by using it to pay for shawarma, a move reminiscent of U.S. President-elect Donald Trump’s purchase of burgers in New York’s PubKey bar, using BTC.
A few weeks later, he donated $100 worth of Bitcoin to the British Columbia Society for the Prevention of Cruelty to Animals. Additionally, he pledged to remove taxes on crypto donations if he became Prime Minister.
The 45-year-old has also made several pro-crypto statements. On one occasion, he argued that “Canadians should have the freedom to use other forms of money, like Bitcoin,” criticizing the government for “ruining” the country’s fiat currency.
Poilievre has also been an outspoken critic of Canada’s central bank. In April 2022, he attributed the North American nation’s record inflation to the institution’s controversial policies. He also said that alternatives like Bitcoin were essential in addressing Canada’s economic challenges.
Further, a Reuters report from April last year showed that the 45-year-old voiced his support for legislation that would block the introduction of a central bank digital currency (CBDC) in the country.
Poilievre’s Odds and Vancouver’s Bitcoin Moves
Data from the prediction market Polymarket shows that Poilievre has an 89% chance of winning the upcoming election, far ahead of the next closest contender, Chrystia Freeland, who has just a 7% chance.
In related news, on December 11, Vancouver’s City Council approved a motion put forward by Mayor Ken Sim, suggesting the city consider holding Bitcoin in reserve and accepting cryptocurrency payments for municipal services.
Local media revealed that the proposal passed along party lines, with Sim and ABC Vancouver councilors in favor, while two Green councilors opposed it. Sim has also committed to donating $10,000 worth of Bitcoin in support of the initiative.
“Bitcoin is the number one performing asset on the planet over the last 16 years, so to not even look at including it as a part of a diversified portfolio is, I think, reckless,” he said.
