Pierre Poilievre has not issued a formal policy statement on Bitcoin, but has said he wants Canada to become the world’s leader in Blockchain, although he has not defined what that means. Observers see political currency in what Poilievre is selling.
Aly Hamam couldn’t sleep as he wrestled with what he called an “obsession.”
“We come from a country that went through inflation. We witnessed Egyptian currency get devalued over the course of five years by 65 per cent against the U.S. dollar,” Hamam said.“It was kind of a light bulb moment: OK, we know inflation is coming. So I started doing research like a maniac to try to find a way to protect our wealth.
Hamam’s particular fears may not be familiar to all Canadians, but he has been far from alone in his disaffection with Canada’s financial state of affairs. He is part of a millennial generation that feels increasingly “locked out” of the housing market where middle-class Canadians have typically stored their wealth. They have become a cohort that Poilievre, as he takes aim at becoming Canada’s next prime minister, is betting he can sway to his self-described “movement.
That argument is why Hamam hosted Poilievre in one of his restaurants, and repeated his campaign slogan about freedom. David Coletto, the chief executive of Abacus, a research firm, said the sense of unfairness around millennials’ inability to own homes can be “a powerful political wedge that can be exploited.”
Prest teaches classes on populism and said Poilievre’s appeals about Bitcoin and inflation could resonate with young Canadians who cannot foresee ever owning a home. That appeal may extend beyond traditionally conservative voters. Like many populist movements, Prest said, the aim is to attract people who feel ill-served by the political system, and young men putting their hopes in Bitcoin — whatever side of the political spectrum they have historically leaned toward — are the targets for Poilievre’s message.
Stephen Punwasi, a machine learning and data analyst in Vancouver, runs the website Better Dwelling, which scrutinizes the Canadian housing market, and was instrumental in exposing money laundering in that market, including by publishing a leaked Canadian intelligence report on the topic. He referenced the Wall Street Bets subreddit, an online forum where a bunch of people sent the stock for GameStop from $15 to $325 a share practically overnight by buying it en masse .
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