Canada’s incumbent Prime Minister, Mark Carney, has secured a decisive mandate after defeating Conservative leader Pierre Poilievre in Monday’s federal election—a result likely to reshape the country’s approach to cryptocurrency regulation and digital assets.
Carney, a former Bank of England governor and vocal Bitcoin critic, assumed leadership of the Liberal Party in March following Justin Trudeau’s resignation. His campaign gained momentum in recent weeks, with both pollsters and crypto-native prediction markets forecasting his win. Poilievre—who led early polls with strong libertarian messaging and pro-Bitcoin views—suffered a late-stage reversal.
The outcome represents a setback for Canada’s crypto-friendly faction. Carney has consistently called for greater oversight of digital assets and voiced support for central bank digital currencies (CBDCs). He has argued that Bitcoin’s volatility and lack of intrinsic value make it an unreliable store of wealth.
By contrast, Poilievre positioned Bitcoin as a tool of financial freedom, at one point suggesting it could be used for payments across Canada. His platform resonated with younger, tech-savvy voters but ultimately failed to appeal to a broader electorate—especially amid rising U.S.-Canada trade tensions that dominated late-stage campaigning.
Now firmly in power, Carney is expected to push for stricter crypto regulations, focusing on formal policies surrounding digital assets, payment infrastructure, and Canada’s broader financial sovereignty.
Carney’s Anti-Trump Stance Helped Swing the Vote
Carney’s surprising win may owe just as much to international tensions as to economic policy. During the campaign, his firm stance against U.S. President Donald Trump’s rhetoric resonated strongly with Canadian voters.
Trump, who has floated the idea of Canada becoming the “51st state,” sparked further backlash by imposing tariffs on Canadian goods, escalating global trade tensions. These moves were widely viewed as threats to Canadian sovereignty, fueling nationalist sentiment that Carney effectively tapped into.
While Poilievre also condemned Trump’s actions, his ideological alignment with the MAGA movement may have diluted his message. Carney’s clearer opposition helped him stand out as the candidate most capable of protecting Canada’s autonomy on the world stage.
At one point, Poilievre appeared poised for victory. With backing from Tesla CEO Elon Musk, a known Trump ally, he led polls and prediction markets, peaking at an 89% chance of victory on Polymarket.
But momentum flipped in the final stretch. As Trump intensified his attacks and Carney doubled down on defending Canadian interests, crypto-based forecasting platforms like Myriad saw a rapid shift. By election day, Myriad users gave Carney an 81% chance of winning—a forecast that proved correct.
Quick Facts
- Mark Carney has won Canada’s 2025 federal election, defeating pro-Bitcoin Conservative leader Pierre Poilievre.
- A longtime Bitcoin critic, Carney supports tighter digital asset oversight and favors CBDCs.
- Poilievre’s crypto advocacy lost traction amid rising nationalist sentiment and Trump-related backlash.
- The win signals a shift toward stricter crypto regulation and renewed focus on financial sovereignty.
