Mark Carney's 85.9% Win as PM Sparks 12.5% Bitcoin Drop

Mark Carney, the former governor of both the Bank of England and the Bank of Canada, has secured an overwhelming victory with 85.9% of the vote and is poised to become Canada’s next prime minister. He is expected to assume office in the coming days, replacing Justin Trudeau, who resigned in January 2025 after nearly a decade in power. Although Carney has never held a seat in Parliament, his experience managing economic crises and his international reputation have garnered significant support within the Liberal Party.

However, Carney’s rise to the position of Canada’s new prime minister does not appear to be a positive signal for the crypto market. For years, he has expressed deep skepticism and sharp criticism of Bitcoin (BTC) and other decentralized cryptocurrencies. He formed his stance during his tenure as Governor of the Bank of England and has reiterated it in the years since. In a 2018 speech on the Future of Money, Carney assessed that Bitcoin has “serious deficiencies” due to its fixed supply cap, which leads to price instability. He likened Bitcoin to a “criminal act of monetary amnesia,” arguing that recreating a digital gold standard was a historical mistake. Carney believes Bitcoin and other cryptocurrencies are “poor short-term stores of value,” failing to meet the basic criteria of money, such as stability and usability in transactions. In 2018, he warned that Bitcoin threatened financial stability if left unregulated, calling for strict oversight to curb illegal activities like money laundering and terrorism financing.

In contrast, Carney enthusiastically advocates for Central Bank Digital Currencies (CBDCs) while opposing Bitcoin. He argues that CBDCs could expand banking access for individuals and businesses while enabling central banks to combat terrorism and economic crime. Carney’s views on Bitcoin and cryptocurrencies align with and are arguably more rigid than those of his predecessor. In September 2022, Trudeau hit out at Pierre Poilievre, a pro-crypto politician chosen to lead Canada’s Conservative Party.

Carney assumes office as Canada faces a trade war sparked by US President Donald Trump’s tariff policies. The US has officially imposed a 25% tariff on Canada after suspending it in early February. Carney’s anti-Bitcoin stance may lead to stricter regulations to control cryptocurrencies. He might focus on anti-money