Justin Trudeau announced his plan to resign from the country’s top office and now hopes a new leader will take over.
Justin Trudeau is the current Prime Minister (PM) of Canada. Under his leadership, the North American country achieved several things despite bad conditions such as the Russia vs. Ukraine war and the highest vaccination rate in the world during the COVID-19 pandemic. In particular, Trudeau failed to establish better relations with some countries friendly to Canada, such as India, China and Saudi Arabia; In summary, we can say that Trudeau failed to show his capabilities in terms of Canada’s foreign relations.
On January 6, 2025, Justin Trudeau announced his plan to resign as Prime Minister and, for now, will wait until the Liberal Party selects a new face for this position.
The party is reportedly expected to hold leadership elections to choose Trudeau’s successor. Until then, Trudeau will continue to serve as prime minister.
The response tweets are proof on platform
Chances of proBitcoin federal elections in Canada
The country’s next federal election is scheduled for October 20, 2025, following the fixed date provisions of the Canada Elections Act.
Some reports claimed that there are chances of elections being held before this set date as Trudeau announced his decision to resign and here it may take several months until even the Liberal Party selects a new face for the role of Prime Minister.
Most people consider the current political developments in Canada to be better for the crypto space, as in the past, the Liberal Party criticized its opponent, political leader Pierre Poilievre, for defending Bitcoin.
At the time, most Bitcoin and cryptocurrency advocates supported him as a better political leader, who understands technology and trends.
Now again, most Bitcoin advocates are showing their full support for platform X and potentially calling him the next Prime Minister of Canada.
Furthermore, the odds on the popular betting market Polymarket show that Pierre Poilievre, a pro-Crypto political leader from a conservative party, has an 89% chance of becoming the next prime minister of this country.
Many crypto people call Pierre Poilievre the next Nayib Bukele, a pro-Bitcoin president of El Salvador who adopted Bitcoin as a currency in 2021.
Pro-Bitcoin US President-elect Donald Trump also showed his response to this political development in Canada and said that Trudeau did what Canadians wanted as he was unable to handle Canada’s economic challenges, particularly trade deficits and subsidies. on which Canada depends.
The richest person in the world, Elon Musk, known for supporting the popular meme Cryptocurrency Dogecoin ($DOGE), also responded to this news and said that 2025 looks good.
Cryptocurrencies and Freedom Convoy vs Canadian government
During the COVID pandemic in the world, the Canadian government imposed a mandatory rule for all citizens to get vaccinated, and this country also gained great popularity in the world in terms of vaccination. At that time, almost 80% of the country’s population was vaccinated.
Citizens jumped against the government’s mandatory vaccination measure and that protest became a āFreedom Convoy.ā
During the Freedom Convoy protest, people showed their opposition against the government with a series of protests and blockades across Canada in early 2022. However, the Freedom Convoy was initially organized to oppose COVID-19 vaccine mandates for truck drivers. cross-border, but this movement quickly expanded to protest all COVID-19 restrictions and mandates.
To stop the protests, the government ordered all banking institutions and payment platforms to stop providing any type of financial support services to people participating in or supporting the Freedom Convoy protest.
When the Freedom Convoy was financially sanctioned, people adopted Bitcoin and other cryptocurrencies to raise funds to support the protest and better respond to government restrictions.
Many people who were not directly involved in the protest were financially supporting the Freedom Convoy leaders to continue the protests. The Canadian government tracked down all those people, including cryptocurrency payment users, for these protests, and not only levied multiple charges for unethical practices, but also froze those people’s bank accounts.
Later, when it was all over, most Canadian crypto investors started advocating cryptocurrencies as a decentralized payment tool to fight against any centralized power.
Crypto Regulation in Canada
Due to abundant renewable energy sources and a tech-savvy population, this country is home to multiple cryptocurrency exchanges, cryptocurrency and blockchain startups, and cryptocurrency mining operations.
This country was the first in the world to introduce a regulatory framework for digital assets. The crypto regulatory framework focused on encouraging innovation and preventing risks associated with the decentralized nature of cryptocurrencies, such as money laundering and fraud.
Currently, all crypto companies must comply with all traditional financial measures such as AML, KYC, FINTRAC, etc.
Bitcoin price action
Following this new political development in Canada, bullish sentiments in the crypto space increased significantly. The current trading price of Bitcoin is $101K and this price level is 9.99% higher over the last 7 days.
The notable increase in bullish sentiment over the past 24 hours helped push past $38 billion in the Bitcoin spot ETF market. On behalf of spot ETF buyers, fund managers are buying huge amounts of Bitcoin.
Also yesterday, popular Bitcoin bullish firm Microstrategy announced that the company purchased 1,070 BTC for $101 million, at a trading price of $94,000/BTC. Now, this company has a net of 447,470 BTC.
Currently, leading experts believe the market is poised to reach $200,000 this year and also expect bullish sentiment to remain active through 2026 as new sources of Bitcoin investment and adoption are unlocked.
Also read: BlackRock is trying to fork Bitcoin ($BTC)
