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The candidate for Prime Minister of Canada supports the usage of Bitcoin as a form of payment

Pierre Poilievre, the Conservative Party’s candidate for Prime Minister in Canada, has come out in favor of allowing Canadians to use Bitcoin (BTC) as legal tender.

On March 29, the YouTube channel BITCOIN released a video of Poilievre speaking in front of a gathering of around 100 people at a nearby restaurant, declaring that Canadians need “greater financial independence.” “This includes the right to own and use cryptocurrency, tokens, smart contracts, and decentralized finance,” he continued.

In reaction to the Freedom Convoy rallies in Ontario earlier this year, the Canadian government, led by Liberal Party Prime Minister Justin Trudeau, adopted a harsh stand against cryptocurrency. Canadian government froze protestors’ bank accounts in January and February, attempting to prohibit all donations to the truckers, including those made in cryptocurrency.

Koleya Karringten, Executive Director of the Canadian Blockchain Consortium (CBC) says that the Liberal administration is now “hostile to crypto,”. That’s, owing to a “lack of information, understanding, and legislative clarity.”

Following the issues posed by Prime Minister Trudeau using the Emergencies Act in February. So, Karringten believes there are now more crypto holders. According to Catalyst, a non-profit group, the issues may have resembled a bank run.

Despite his zeal, Poilievre’s advocacy for Bitcoin may only appeal to a limited segment of the Canadian population. Only about 14% of Canadian people over the age of 18 owned bitcoin as of last October. That’s, according to research firm Ipsos. That amount, however, is up from just 3% in 2016, indicating a fantastic rate of growth.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.