Key Takeaways
- Canada’s Liberal Party could soon appoint a new leader ahead of this year’s elections.
- Protesting truckers had bank accounts and crypto payments blocked by emergency government powers under Trudeau.
- Justin Trudeau currently has a disapproval rating of 74%.
Canada’s long-residing and increasingly unpopular Prime Minister, Justin Trudeau, is rumored to be resigning from office, which could have major implications for the Canadian crypto sector.
Trudeau out, Crypto in?
As per multiple sources, talks of Trudeau quitting as Canadian PM are beginning to circulate. After nine years as the nation’s leader, Trudeau’s popularity has declined significantly from its glory days.
This could be a bullish signal for Canada’s crypto scene, which has struggled to flourish under Trudeau’s anti-crypto/pro-CBDC position.
Trudeau has been openly critical of crypto, even going so far as to poke fun at the leader of the opposition, Conservative Party leader and pro-crypto candidate Pierre Poilievre. Trudeau argued that Poilievre’s backing of “volatile cryptocurrencies is not responsible leadership.”
Trudeau’s position is unsurprising, as he has often promoted the creation of a Canadian central bank digital currency (CBDC), the antithesis of crypto.
Poilievre, a Bitcoin owner and backer, has continuously pushed to see CBDCs banned in Canada, as it would give the government a means to more easily print money, drive up inflation and continue compounding economic woes for Canadians.
Declining Popularity
Disapproval reached a fever pitch, following the Canadian trucker protests, the 2022 Freedom Convoy, during which the PM froze trucker bank accounts, both personal and corporate, using emergency executive powers, which many viewed as a tyrannical abuse of power.
When the truckers began receiving crypto donations, the Canadian government extended these powers to crypto. In 2024, the Federal Court of Canada declared the use of these powers to freeze crypto transfers as unconstitutional.
Should Trudeau step down from office, the Liberal Party will be facing an uphill battle against Poilievre and the Conservative Party, which continue to gain approval momentum. Similarly to Donald Trump, Poilievre could capitalize on the economic dissatisfaction in Canada by making pro-crypto pledges.
The once-beloved PM, who had an approval rating of 65% at his peak in September 2016, now has a dismal 22% approval rating, suggesting his party, the Liberals, would be crushed by the Conservatives at the next election, which must be held by late-October 2025.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
