- Carney has long dismissed Bitcoin and supported CBDCs.
- He steps into office amid a raging trade war with Donald Trump.
- However, his odds of winning the next election just improved.
Mark Carney’s chances to win the next Canadian election surged from 32% to 35% on Polymarket after he secured the Liberal Party leadership and became the country’s 24th prime minister.
In January, when former Prime Minister Justin Trudeau announced his resignation, bettors on the prediction market put Carney’s odds of winning the election at 10%.
That all changed when US President Donald Trump threatened tariffs and proposed the country become America’s 51st state. Canadian backlash has prompted a boycott of US goods and travel.
Carney will soon likely face off against Conservative Party leader Pierre Poilievre, a Trump backer whose odds have dropped from 93% to 63% since the race began.
Poilievere has positioned himself as a vocal supporter of Bitcoin.
By contrast, Carney has dismissed Bitcoin as a poor store of value and has backed the creation of central bank digital currencies, which much of the crypto industry has vehemently opposed.
Carney, former governor of the Bank of Canada and former governor of the Bank of England, has remained mostly silent on crypto in recent years — it’s unclear if his stance has changed.
Trump called Bitcoin a “scam against the dollar” as late as 2021 before pivoting to support the industry ahead of the November election.
So, what has Carney said about crypto?
History of scepticism
Carney has a history of crypto scepticism.
“It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” he said of Bitcoin in 2018.
In a 2021 speech to the Bank for International Settlements, Carney warned that stablecoins could give too much power to tech firms and pose risks to monetary stability.
“It is not clear why a single CBDC wouldn’t perform better,” he said, reinforcing his preference for government-controlled digital assets.
Turbulent times
Carney is stepping into office at a particularly challenging time, facing both a political battle with Poilievre at home and an escalating trade war with Trump to the south.
At home, Carney has framed Poilievre as a divisive figure, warning that his policies could destabilise Canada.
With a general election expected in the coming months, Carney’s tenure as prime minister could be short-lived if Poilievre’s Conservative Party gains enough support to unseat him.
“Pierre Poilievre’s plan will leave us divided and ready to be conquered,” Carney said during his victory speech.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
