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Canada's long-serving and increasingly unpopular Prime Minister, Justin Trudeau, has officially resigned, potentially marking a turning point for the nation's crypto sector.
Trudeau's departure after nearly a decade in power comes as no surprise to many, given his sharp decline in popularity. His resignation signals the end of an era, and with it, speculation rises about the future of Canada's stance on cryptocurrency and central bank digital currencies (CBDCs).
Throughout his tenure, Trudeau has been openly critical of crypto, famously mocking Pierre Poilievre, the Conservative Party leader and pro-crypto advocate, for supporting what he called "volatile cryptocurrencies and deeming it "irresponsible leadership." Trudeau, a staunch advocate for a Canadian CBDC, has consistently positioned himself as an opponent to the crypto movement.
he was very anti-crypto. that's a big reason i'm glad he's taking a step back lol
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In contrast, Poilievre, a Bitcoin enthusiast, has campaigned heavily against CBDCs, warning that they would give the government unchecked power to print money, worsen inflation, and deepen Canada's economic troubles.
Trudeau's controversial handling of the 2022 Freedom Convoy protests further eroded public trust. His use of emergency powers to freeze bank accounts-including those holding crypto- sparked widespread outrage Although the Federal Court of Canada ruled in 2024 that freezing crypto transfers was unconstitutional, the damage to Trudeau's reputation was already done.
Now, with Trudeau out of office, the Liberal Party faces a formidable challenge from Poilievre and the Conservatives, whose popularity continues to surge. Poilievre, much like Donald Trump in the U.S., appears poised to channel economic frustrations into a pro-crypto platform.
Once celebrated with a 65% approval rating in September 2016, Trudeau now leaves office with an abysmal 22% rating.
How far has Justin Trudeau fallen?
For most of his presidency, Joe Biden has been mired in the high-30s & low-40s. Before 2024 ended, he had dropped to 34% approval, the lowest of his presidency.
Trudeau makes Biden look like Santa Claus.
Canada deserves better.