Mark Carney’s PM Win Signals 10% Drop in Bitcoin ETFs

Mark Carney’s rise to the position of Prime Minister of Canada signals a potential shift in the country’s approach to cryptocurrency regulation and the adoption of a digital Canadian dollar. Carney, known for his critical views on Bitcoin, has long advocated for greater regulatory measures and the development of Central Bank Digital Currencies (CBDCs).

Carney’s ascent to the Prime Minister position follows his decisive victory in the recent Liberal Party leadership race, where he secured a significant majority of the votes. His extensive experience in economic management, having served as the Governor of both the Bank of England and the Bank of Canada, positions him as a formidable leader in shaping Canada’s financial policies.

Throughout his career, Carney has been vocal about his skepticism towards Bitcoin. He has described Bitcoin as “seriously deficient,” citing its price instability and capped supply as factors that make it unsuitable for a stable monetary system. Carney has warned that these characteristics can lead to speculative trading, potentially jeopardizing financial stability. His views on cryptocurrencies extend to equating Bitcoin with a “criminal act of monetary amnesia,” suggesting that it undermines the principles of a stable financial system.

With Carney at the helm, Canada is likely to see a significant tightening of cryptocurrency regulations. His emphasis on anti-money laundering practices and financial stability could lead to stringent compliance measures for businesses operating in the crypto space. This regulatory shift may also impact the operation of exchange-traded funds (ETFs) that focus on Bitcoin and other cryptocurrencies, as well as the broader crypto market.

Carney’s leadership is expected to bring about a paradigm shift in Canada’s regulatory framework for cryptocurrencies. Financial experts predict that his administration will implement measures aimed at ensuring that cryptocurrencies do not facilitate illegal activities. This could include stricter compliance requirements for crypto exchanges and other related businesses, as well as enhanced monitoring of crypto transactions.

In contrast to his critical stance on Bitcoin, Carney is a strong advocate for Central Bank Digital Currencies (CBDCs). He believes that CBDCs offer a secure and efficient way to expand financial services, allowing the central bank to maintain control over monetary policy. Carney has expressed that CBDCs could provide a safer alternative to cryptocurrencies, potentially preventing financial crime while enhancing monetary sovereignty.

Carney’s alignment with CBDC initiatives resonates with global trends, where