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- Mark Carney, Canada’s new Prime Minister, has been critical of Bitcoin, citing its volatility and inefficiencies, but supports the development of CBDCs.
- Carney takes office amid economic tensions with the U.S., opposing Donald Trump’s trade tariffs and rejecting the idea of Canadian annexation.
Mark Carney was elected as Canada’s new prime minister, winning a landslide election in the Liberal Party leadership on March 9. He is replacing Justin Trudeau, who has held the position for more than seven years.
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Carney, a veteran economist and former central banker, has had powerful roles on the international financial scene. He served as Bank of Canada governor from 2008 to 2013, steering the nation’s economy during the global financial crisis. He subsequently became the Bank of England governor, serving for seven years before he left the position to come back home. On March 1, he officially confirmed to local media that he had initiated the process of relinquishing his UK and Irish dual citizenships.
During his working life, Carney has consistently spoken out against Bitcoin and cryptocurrencies due to their volatility and economic inefficiencies, as mentioned in our previous article. In a 2018 speech about the future of money, he panned the fixed supply of Bitcoin, saying this results in dangerous economic threats. “Recreating a virtual global gold standard would be a criminal act of monetary amnesia,” he cautioned.
Carney has also pointed to Bitcoin’s wild price swings, saying that its volatility makes it an unsuitable 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. He added,
If you’d done the same last September, you’d be ahead by 2,000 pounds. That’s quite a lottery.
Though a doubter of decentralized currencies, Carney has encouraged work on central bank digital currencies (CBDCs), which he believes will strengthen financial access and regulatory supervision. He believes CBDCs have the potential to assist governments in fighting terror funding and other forms of economic crimes.
In spite of his criticism of Bitcoin, Carney served as a board member of the payment processing firm Stripe between 2021 and 2025. In this period, the company launched a range of cryptocurrency payment options between 2022 and 2024.
Economic Challenges & Trade Policy
Carney takes over during a period of economic tension between the United States and Canada, specifically over newly imposed U.S. tariffs, as noted in our earlier article. During his acceptance speech, he sharply criticized U.S. President Donald Trump’s trade policies as an assault on Canadian workers and industries. “Donald Trump has put unjustified tariffs on what we build, sell, and how we make a living,” Carney said.
He reiterated that Canada has already retaliated with countermeasures and asserted clearly that these retaliatory tariffs would be ongoing unless the U.S. is willing to negotiate. “The Canadian government has rightly retaliated. These tariffs will remain until the Americans show us respect,” he asserted.
Carney also rejected Trump’s recent proposal that Canada might be annexed into the United States. “Canada will never be part of America in any way, shape, or form,” he stated. Hence, as Carney begins his term, his trade, finance, and economic security policies will determine Canada’s direction for years to come.
