By Nermeen Nabil Khear 
Key Takeaways:
- Former central banker Carney once questioned Bitcoin’s viability, casting doubt on its long‐term role.
- His earlier stance indicates a preference for measured, conventional monetary policies.
- Renewed focus on his views hints at possible shifts in Canada’s economic and regulatory strategies.
Canada’s Prime Minister-designate, Mark Carney, previously expressed skepticism over Bitcoin’s viability, notably calling cryptocurrencies indicative of financial bubbles and limited in utility during a 2018 speech.
Incoming Canadian PM Mark Carney On BTC
Carney, who headed the Bank of England from 2013 to 2020, questioned Bitcoin’s viability at the Scottish Economics Conference at Edinburgh University in 2018 in a speech titled “The Future of Money.”
Carney argued that cryptocurrencies such as Bitcoin inherently possess serious economic deficiencies due to their fixed supply rules.
“Far from being strengths, the fixed supply rules of cryptocurrencies such as Bitcoin are serious deficiencies,” Carney said. “Fundamentally, they would impart a deflationary bias on the economy if such currencies were to be widely adopted.”
Additionally, the former Bank of Canada head highlighted that prices of digital assets at the time exhibited “classic hallmarks of bubbles,” including increased retail enthusiasm, new paradigm justifications, and extrapolative price predictions.
“The long, charitable answer is that cryptocurrencies act as money, at best, only for some people and to a limited extent, and even then only in parallel with the traditional currencies of the users,” he continued. “The short answer is they are failing.”
Canada-U.S. Trade War Continues
Carney’s comments resurfaced shortly after he won Canada’s federal election, replacing outgoing Prime Minister Justin Trudeau, who announced his resignation two months ago.
U.S. President Donald Trump has frequently dangled the carrot of costly tariffs against both Canada and Mexico in recent weeks in a bid to curb his concerns over alleged drug trafficking and inadequate border control measures connected to the two countries.
Observers argue that the tariffs in question could be counterproductive to U.S. economic interests, with stocks dropping on Monday amid growing recession fears.
In his victory speech on Monday, Carney vowed to win the ongoing trade war with the U.S., while President Trump has yet to respond.
As Mark Carney prepares to take office, Canadians and global markets alike will closely monitor how his past skepticism towards cryptocurrencies influences his economic policies.
Equally notable is how Carney navigates the delicate relationship with the United States amid escalating tariff tensions.
Ultimately, his ability to manage these interconnected economic and diplomatic challenges may define both his tenure as Prime Minister and Canada’s financial landscape for years to come.
Frequently Asked Questions (FAQs)
Carney’s longstanding Bitcoin skepticism indicates he may endorse tighter crypto regulations. His policy focus appears aimed at protecting market stability and mitigating speculative risks in Canada’s financial system.
Stricter crypto oversight may bolster Canada’s financial stability by curbing market volatility and excessive speculation, but could also temper the rapid growth of digital finance within an evolving global economy.
Facing global economic uncertainty, Carney advocates a cautious regulatory approach that limits exposure to volatile digital assets while upholding traditional financial safeguards amid market shifts.
The post Canada’s Newly Elected PM Mark Carney’s Past Bitcoin Criticisms Unearthed appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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