Mark Carney, the former governor of the Bank of England and the Bank of Canada, has secured an overwhelming victory with 85.9% of the vote, positioning him to become Canada’s next prime minister. Despite his imminent rise to power, Carney's strong skepticism and criticism of Bitcoin (BTC) may have significant implications for the crypto market.

Carney, set to replace Justin Trudeau who resigned in January 2025 after a lengthy tenure, has never held a seat in Parliament. However, his expertise in managing economic crises and his global reputation have gained substantial backing within the Liberal Party.

Throughout his career, Carney has consistently voiced concerns about Bitcoin and decentralized cryptocurrencies. He maintains that Bitcoin's fixed supply cap causes price instability, sparking speculative frenzies and the proliferation of alternative cryptocurrencies. Carney has gone as far as likening Bitcoin to a "criminal act of monetary amnesia," criticizing its suitability as a store of value and its potential risks to financial stability.

On the flip side, Carney champions Central Bank Digital Currencies (CBDCs) as a more viable alternative, emphasizing their potential to enhance financial inclusivity and combat illicit activities like terrorism financing.

As Carney prepares to take office amidst trade tensions with the US, his anti-Bitcoin stance suggests a shift towards stricter regulations on cryptocurrencies in Canada. This could impact popular ETFs such as BlackRock’s Bitcoin ETF and 3iQ’s Solana ETF, while potentially paving the way for the development of a digital Canadian dollar, potentially reducing the influence of Bitcoin and other cryptocurrencies in the nation’s economy.