Canada’s new prime minister opposes Bitcoin’s fixed supply

Mark Carney has been elected as Canada’s new prime minister after winning a landslide vote to replace Justin Trudeau.

Carney, a former central banker, has been a vocal critic of Bitcoin (CRYPTO:BTC), arguing that its fixed supply creates economic risks.  

Carney served as governor of the Bank of Canada from 2008 to 2013 before leading the Bank of England for seven years.

In a March 2018 speech, he criticised Bitcoin’s limited supply, stating that it causes “serious deficiencies.”  

“If ‘those who cannot remember the past are condemned to repeat it,’ recreating a virtual global gold standard would be a criminal act of monetary amnesia,” Carney said at the time.  

He also argued that Bitcoin’s volatility makes it an unreliable store of value.

“If you had taken out a 1,000-pound student loan in Bitcoin last December to pay your sterling living costs for next year, you’d be short about 500 pounds right now,” he said, noting that price swings resemble a “lottery.”  

While opposing Bitcoin, Carney has supported central bank digital currencies (CBDCs), suggesting they could expand banking access and help combat financial crimes.  

Despite his stance on crypto, Carney was a board member at Stripe from 2021 to 2025, a period when the payment processor introduced crypto payment options.  

Carney’s views on Bitcoin appear stronger than those of his predecessor.

Trudeau previously criticized opposition leader Pierre Poilievre’s pro-crypto stance, calling it “reckless.”  

In his victory speech on March 9, Carney also addressed trade tensions with the US, criticising President Donald Trump’s tariffs.

“Donald Trump has put unjustified tariffs on what we build, sell and how we make a living,” he said, vowing that Canada would retaliate until the US “shows us respect.”  

“Canada will never be part of America in any way, shape, or form,” Carney stated, rejecting Trump’s remarks about making Canada the 51st US state.

At the time of reporting, the Bitcoin price was $82,317.72.