Canada’s New PM Carney Is a Bitcoin Skeptic—What It Means

Mark Carney, the former governor of both the Bank of England and the Bank of Canada, is poised to become Canada’s next prime minister. However, he has long been skeptical and strongly critical of Bitcoin (BTC).

On March 9, Carney secured an overwhelming victory with 85.9% of the vote. He is expected to assume office in the coming days.

Mark Carney’s Views on Bitcoin

Carney will become Canada’s next Prime Minister, 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 international reputation have garnered significant support within the Liberal Party.

However, Carney’s rise to Canada’s new Prime Minister position 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.

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

Specifically, 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.

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

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.

Carney Prefers CBDCs Instead

In contrast, Carney enthusiastically advocates for Central Bank Digital Currencies (CBDCs) while opposing Bitcoin. This view is somewhat similar to that of Indian regulators. He argues that CBDCs could expand banking access for individuals and businesses while enabling central banks to combat terrorism and economic crime.

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

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 laundering measures and investor protection, similar to the approach he advocated at the Bank of England. This could affect the ETFs operating in Canada like the BlackRock’s Bitcoin ETF or 3iQ’s Solana ETF.

Additionally, Canada may soon develop a digital Canadian dollar, potentially diminishing the role of Bitcoin and altcoins in the economy.