Will Canada Establish A Crypto Strategic Reserve?

On March 2nd, the US Administration announced it would move forward with a "Crypto Strategic Reserve," which is expected to include Bitcoin, Ethereum, Cardano, Solana, and XRP. In the past, other countries, such as the Czech Republic, Switzerland, Russia, and Japan, have also discussed creating a Bitcoin reserve; however, with Donald Trump's announcement on Truth Social, the US might push other countries and corporations to move. Now, I am not an attorney, accountant, financial, or technical adviser, but it would seem that for Canada, a country that takes 13 years to buy trucks for its military, creating a strategic cryptocurrency reserve will most likely never happen. And let's not forget that Bitcoin and other cryptocurrencies are known to be very risky. That said, in December 2024, Vancouver's mayor, Ken Sim, got a motion passed by the city council to explore making the city "Bitcoin-friendly." Within the text of the motion includes the point that "It would be irresponsible for the City of Vancouver to not look at the merits of adding bitcoin to the city's strategic assets to preserve the city's financial stability." Regarding the Federal Government, I don't expect the NDP or Green Party to suggest a reserve. However, Pierre Poilievre, leader of the Conservative Party, has indicated that he is in favour of Bitcoin. On January 6th, 2025, David Bailey posted on X that "Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve." As for the Liberal Party, the last time I remember them talking about Bitcoin was in November 2022, when one Bitcoin was worth $16,500 US, and Chrystia Freeland said in Parliament, "Let's talk about some really terrible advice that was offered to Canadians in the spring by the Conservative leader. He urged Canadians to invest in crypto as a way to opt out of inflation. Now, bitcoin has crashed by 21 percent over the past week and by more than 65 percent since the Conservative leader first gave Canadians that reckless advice...The Conservatives should apologize today for this reckless policy and admit that investing in crypto would have bankrupted Canadians." At the time of recording this podcast on March 3rd, 2025, Bitcoin's price was over ninety-thousand dollars US.Thank you for listening. Until the next episode, we hope you take care and stay curious about what our political establishment has done and are planning to do in the future with your rights and your tax dollars.Disclaimer: At the time of this podcast, the host has investments in and\or related to bitcoin (ETFs). This podcast is provided for informational purposes only and should not be construed as personalized investment advice, nor should it be viewed as a “News Source”. All investing involves risk of loss and the author does not guarantee any specific investment outcomes. Hosted on Acast. See acast.com/privacy for more information.