Mark Carney has been elected as Canada’s new prime minister, replacing Justin Trudeau. Carney is a famous economist and former central banker, is also well known for his strong criticism of Bitcoin and cryptocurrencies.
Carney’s leadership comes at a good time for Canada as currently it was facing economic recession and heightened tensions with the United States over trade tariffs. His international financial system experience and strong political convictions are likely to define Canada’s economic agendas in the next two years.
Carney’s Firm Stand on Bitcoin
Carney has been a critic of Bitcoin for some years. In 2018, when he was the governor of the Bank of England, Carney called Bitcoin’s limited supply a “serious problem.” He argued that supply constraint gives rise to dangerous speculation, making Bitcoin an unreliable store of value.
Carney explained that the value of Bitcoin can change dramatically in a few seconds and cautioned that individuals who are relying on Bitcoin for daily needs can lose a lot of money. He considered it quite irresponsible to encourage Bitcoin as a way of outpacing inflation, and quite frankly, not cool at all.
Carney is not a supporter of Bitcoin, he’s really a big supporter of central bank digital currencies. He believes that CBDCs would make more individuals utilize financial services, make individuals economically more secure, and prevent things like money laundering and financing terrorism from occurring.
Carney was also a board member of Stripe, a giant payments platform, between 2021 and 2025. Stripe has introduced several crypto payment solutions in the intervening period, suggesting that Carney may be open to exploring some form of digital currency under the right regulation.
Carney’s views on US tariffs
During his March 9 victory speech, Carney passes harsh views over Trump for imposing tariffs on Canadian goods. Carney condemned Trump for attempting to interfere with the Canadian economy and vowed to maintain Canada’s retaliatory tariffs as long as the US does not have some respect.
Carney flatly rejected Trump’s previous proposal to make Canada the 51st state. He said straight out that Canada “will never be part of America in any way, shape, or form.”
As Canada’s new prime minister, Carney’s focus on preserving Canada’s economic sovereignty and his opposition to unregulated cryptocurrencies will likely shape his leadership in the coming years.
