Alarming Bitcoin Warning: Canada’s New Prime Minister Is a Vocal Crypto Critic

The political landscape in Canada has shifted dramatically with the announcement of Mark Carney as the new Prime Minister. But for the crypto community, this news arrives with a chilling undertone. Carney, a former central banker with a powerful voice, has a well-documented history of criticizing Bitcoin and the broader cryptocurrency market. His ascent to power raises critical questions about the future of digital assets in Canada. Let’s delve into Carney’s past statements and what his leadership might mean for the future of crypto regulation in Canada.

Mark Carney’s Damning Critique of Bitcoin: ‘Serious Deficiencies’

Just five minutes ago, headlines broke confirming Mark Carney’s leadership of Canada. However, rewind to March 2, 2018, and you’ll find a stark warning from Carney about Bitcoin. Speaking as the Governor of the Bank of England, Carney didn’t mince words, stating that Bitcoin suffers from “serious deficiencies.” He went even further, comparing a Bitcoin-like global standard to a “criminal act of monetary amnesia.” This isn’t just mild skepticism; it’s a forceful condemnation from a figure who now holds immense political power in Canada.

Let’s break down Carney’s core criticisms:

• Fixed Supply & Speculative Mania: Carney argued that Bitcoin’s capped supply fuels a “global speculative mania,” leading to a proliferation of volatile cryptocurrencies. He suggests this artificial scarcity creates instability rather than sound monetary policy.
• Poor Store of Value: He highlighted Bitcoin’s price volatility, using a compelling example of a student loan. He illustrated how the fluctuating value of Bitcoin makes it unreliable for everyday financial planning, unlike traditional currencies. Imagine the financial stress of a student loan fluctuating wildly!
• ‘Monetary Amnesia’: This powerful phrase underscores Carney’s belief that reverting to a fixed-supply system like a “virtual global gold standard” (his description of Bitcoin) ignores historical lessons about the limitations of such systems.

Canada’s New Leader Favors Central Bank Digital Currencies Over Crypto

While vehemently critical of Bitcoin, Carney has expressed support for Central Bank Digital Currencies (CBDCs). This reveals a clear preference for centralized, government-controlled digital money over decentralized cryptocurrencies. He believes CBDCs could:

• Expand Banking Access: Bring financial services to more individuals and businesses, potentially fostering greater financial inclusion within Canada.
• Combat Financial Crime: Provide central banks with tools to fight terrorism and economic crime, aligning with traditional regulatory goals.

This stance positions Canada’s new Prime Minister firmly in favor of evolving traditional finance rather than embracing decentralized crypto innovation. It suggests a future where digital currencies might be government-issued and heavily regulated, rather than existing outside of traditional financial frameworks.

Crypto Payment Paradox: Carney’s Stripe Connection

Interestingly, despite his strong anti-Bitcoin rhetoric, Carney served on the board of payments giant Stripe from February 2021 to January 2025. During his tenure, Stripe actively integrated crypto payment solutions between 2022 and 2024. This raises a curious question: Did Carney’s views influence Stripe’s crypto strategy, or did his exposure to the practical applications of crypto at Stripe soften his stance? It’s a paradox worth noting, though his public statements remain consistently critical of Bitcoin.

Worse Than Trudeau? Comparing Crypto Stances in Canada

For those hoping for a crypto-friendly government in Canada, Carney’s appointment might be concerning. Even Justin Trudeau, often seen as cautious on crypto, criticized opposition leader Pierre Poilievre’s pro-crypto stance as “reckless.” Trudeau’s remark about “opting out of inflation by investing in cryptocurrencies” suggests a similar skepticism towards the core value proposition of Bitcoin. However, Carney’s language is arguably stronger and more directly critical, indicating a potentially tougher regulatory environment for crypto under his leadership in Canada.

Central Bank Veteran to Challenge Trump’s Tariffs

Beyond crypto, Carney’s victory speech signaled a firm stance against US tariffs imposed by Donald Trump. He vowed to “fight back” against what he sees as attacks on “Canadian families” and the Canadian economy. This assertive approach suggests a potentially tense economic relationship with the US, particularly if Trump’s policies continue to target Canada. Carney’s background as a central banker likely equips him with the economic expertise to navigate these complex international challenges.

He emphasized Canada’s independence, stating, “Canada will never be part of America in any way, shape, or form.” This strong nationalistic tone, combined with his critical view of Bitcoin and preference for traditional financial systems, paints a picture of a leader who prioritizes established institutions and national economic sovereignty.

Conclusion: A Cautious Future for Crypto in Canada?

Mark Carney’s ascent to Prime Minister of Canada marks a significant moment, especially for the cryptocurrency community. His outspoken criticism of Bitcoin, coupled with his preference for CBDCs and a strong regulatory hand, suggests a cautious, if not restrictive, future for crypto in Canada. While the full impact of his policies remains to be seen, his past statements serve as a clear warning: Canada’s new leader is far from a crypto advocate, and the industry should brace for potential headwinds.