Justin Trudeau announced his plan to resign from the country’s top position & now waiting for a new leader to assume his role.
Justin Trudeau is the current Prime Minister (PM) of Canada. Under his leadership, the North American country achieved several things despite bad conditions like the Russia vs Ukraine war and the highest vaccination rate in the world during the COVID-19 pandemic. Notably, Trudeau failed to establish better relationships with some Canada-friendly countries like India, China, and Saudi Arabia; in short, we can say that Trudeau failed to show his ability in terms of Canada’s foreign relationships.
On 6 Jan 2025, Justin Trudeau announced his plan to resign from the PM role, and for now, he will wait until the Liberal Party selects a new face for this role.
I will always fight for this country, and do what I believe is in the best interest of Canadians. pic.twitter.com/AE2nSsx5Nu
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— Justin Trudeau (@JustinTrudeau) January 7, 2025
As per reports, it is expected that the party will hold a leadership election to choose Trudeau’s successor. Until then, Trudeau will continue to serve as prime minister.
Response tweets are proof on the X (formerly Twitter) platform that the majority of the people are still giving critical words to him, as they were not happy with his leadership.
Chances of ProBitcoin Federal Election In Canada
The country’s next federal election is scheduled for 20 Oct 2025, following the fixed-date provisions of the Canada Elections Act.
Some reports claimed that there are chances that an election may be conducted before this fixed date, as Trudeau announced his decision to resign & here it may take several months for even the Liberal party to select a new face for the PM role.
The majority of the people consider Canada’s current political developments a better thing for the crypto space, as in the past, the Liberal Party criticised its opponent, political leader Pierre Poilievre, for advocating Bitcoin.
At the time, the majority of the Bitcoin & crypto advocates supported him as a better political leader, who understands the technology & trend.
Now again, the majority of the Bitcoin advocates are showing their full support on the X platform and calling him potentially the next PM of Canada.
Also, odds on the popular betting marketplace Polymarket show that Pierre Poilievre, a pro-Crypto political leader from a conservative party, has an 89% chance of becoming the next PM 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 the Canadians wanted, as he failed to handle Canada’s economic challenges, particularly the trade deficits and subsidies that Canada relies on.
The world’s richest person, Elon Musk, who is known for supporting the popular meme Cryptocurrency Dogecoin ($DOGE), also responded to this news and said that 2025 is looking good.
Cryptocurrencies & Freedom Convoy vs Canadian government
During the COVID pandemic in the world, the Canadian government imposed a mandatory rule on all citizens to get vaccinated, and also this country grabbed huge popularity in the world in terms of vaccination. At the time nearly 80% of people were vaccinated in the country.
The citizens jumped against the government’s mandatory vaccination step, and that protest turned into a “Freedom Convoy”.
Under the Freedom Convoy protest, people showed their opposition against the government with a series of protests and blockades across Canada in early 2022. However, Freedom Convoy was initially organized to oppose COVID-19 vaccine mandates for cross-border truck drivers, but this movement quickly expanded to protest all COVID-19 restrictions and mandates.
To stop protests, the government ordered all the banking institutions & payment platforms to stop providing any kind of financial service support to the people who were participating in or supporting the Freedom Convoy protest.
When Freedom Convoy was financially sanctioned, then, people adopted Bitcoin & other Cryptocurrencies to collect funding to support the protest & give a better reply to the government’s restrictions.
Many people who were directly not participating in the protest were supporting the Freedom Convoy leaders financially to continue protests. The Canadian government traced all such people, including Cryptocurrency payment users, for these protests, & imposed not only multiple charges of unethical practices but also froze the bank accounts of those people.
Later when everything ended, then the majority of Canadian crypto investors started advocating Cryptocurrencies as a decentralised payment tool to fight against any centralised power.
Crypto regulation in Canada
Because of abundant renewable energy sources and a tech-savvy population, this country is home to multiple crypto exchanges, Crypto & blockchain startups, and crypto mining operations.
This country was the first in the world to introduce a regulatory framework for digital assets. The crypto regulatory framework focussed to foster innovation & prevent the risks associated with the decentralised nature of cryptocurrencies like money laundering and fraud.
Currently, all the crypto companies are required to comply with all the traditional financial measures like AML, KYC, FINTRAC, etc.
Bitcoin price action
Following this new political development in Canada, the bull sentiments in the crypto space increased significantly. The current trade price of Bitcoin is $101k & this price level is 9.99% higher over the last 7 days period.
The notable increase in the bull sentiments in the last 24 hours, helped to exceed $38 billion in the Bitcoin spot ETF market. On behalf of the spot ETF buyers, fund managers are buying huge amounts of Bitcoin.
Also yesterday, popular Bitcoin bull firm Microstrategy announced that the company purchased 1,070 BTC for $101 million, at the trade price of $94,000/BTC. Now, this company holds a net of 447,470 BTC.
Currently, the top experts believe that the market is in a situation to hit $200k this year and also expect that the bull sentiment will remain active for up to 2026, as new sources of Bitcoin investment & adoption are unlocking.
Read also: BlackRock is trying to fork Bitcoin ($BTC)
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