Mark Carney's Ascendancy and Its Implications for Bitcoin and Canada's Crypto Landscape

Mark Carney, the former governor of the Bank of England and the Bank of Canada, is set to take the helm as Canada's new Prime Minister. Despite his successful campaign, Carney has a notorious reputation for being critical of Bitcoin (BTC).

On March 9, 2025, Carney claimed a decisive victory with 85.9% of the votes and is expected to take office shortly.

Mark Carney's Views on Bitcoin

Replacing Justin Trudeau, who stepped down after serving nearly ten years, Carney has not held a previous Parliament position but has gained strong backing from the Liberal Party due to his crisis-management experience and international credibility.

Despite this support, Carney's ascension may not bode well for the crypto market. For years, he has articulated skepticism and criticism towards Bitcoin and other decentralized currencies, a viewpoint he's maintained since his tenure at the Bank of England.

“Canada’s new Prime Minister Mark Carney, a known critic of Bitcoin, previously labeled it [BTC] as having serious deficiencies,” noted an X user, EdGeraldX.

In a notable 2018 speech regarding the Future of Money, Carney highlighted Bitcoin's “serious deficiencies,” attributing this to its capped supply, which can incite significant price volatility.

“The fixed supply of Bitcoin has sparked a global speculative frenzy, encouraging the proliferation of new cryptocurrencies,” he remarked.

Carney went as far as to describe Bitcoin as a “criminal act of monetary amnesia,” asserting that the pursuit of a digital gold standard was historically misguided. He considers Bitcoin and other cryptocurrencies inadequate as short-term stores of value, failing to fulfill essential monetary criteria like stability and transaction usability.

In 2018, he also raised alarms, warning that unregulated Bitcoin could endanger financial stability, advocating for stringent oversight to mitigate illicit activities such as money laundering and financing terrorism.

Carney's Advocacy for CBDCs

In contrast to his views on Bitcoin, Carney is a strong proponent of Central Bank Digital Currencies (CBDCs). He believes that CBDCs could enhance banking accessibility for individuals and businesses while providing central banks with tools to tackle economic crime.

“Carney calls Bitcoin’s fixed supply a crime, supports CBDCs, and now controls policy for a $1.9 trillion economy,” shared another X user.

His perspectives on Bitcoin are more stringent compared to his predecessor. In September 2022, former Prime Minister Trudeau criticized pro-crypto viewpoints held by Pierre Poilievre, the leader of the Conservative Party.

Assuming office amid a trade conflict initiated by US President Donald Trump's tariff policies, which recently led to the reimposition of a 25% tariff on Canada, Carney's anti-Bitcoin stance might push for stricter cryptocurrency regulations. His focus could likely be on anti-money laundering initiatives and investor protection, echoing the measures he previously endorsed while at the Bank of England. This regulatory approach could have a significant impact on Canadian ETFs, such as BlackRock's Bitcoin ETF or 3iQ's Solana ETF.

Moreover, Canada is on the brink of potentially introducing a digital Canadian dollar, which could diminish the relevance of Bitcoin and alternative cryptocurrencies in the national economy.