The cryptocurrency community has long memories, and no story encapsulates this better than the dramatic rise of Bitcoin in the wake of former Canadian Prime Minister Justin Trudeau’s mockery of crypto investments.
What started as a political jab at Conservative Party leader Pierre Poilievre’s pro-Bitcoin stance has now become a cautionary tale about underestimating the resilience of digital assets.
Since Trudeau’s infamous remarks, Bitcoin has surged nearly 400%, leaving many asking, “Who’s laughing now?”
The Bitcoin mockery that backfired
On September 13, 2022, Trudeau criticized Poilievre’s advocacy for Bitcoin, painting it as “reckless economic ideas.” While he didn’t mention Poilievre by name, the jab was obvious. In a series of tweets, Trudeau doubled down, dismissing crypto as a volatile gamble unsuitable for sound financial planning.
We’ve made every effort to work with all Parliamentarians over the years, and we’ll continue to do so. But we’ll also call out questionable, reckless economic ideas – because Canadians deserve responsible leadership.
— Justin Trudeau (@JustinTrudeau) September 13, 2022
Trudeau’s remarks came at a time when Bitcoin was trading at $20,184—a far cry from its 2021 peak. His sarcasm hit hard, particularly during a period of inflation concerns and economic anxiety.
In 2023, Trudeau reiterated his disdain for crypto on stage, mocking Poilievre’s suggestion that Canadians could “opt out of inflation” by investing in Bitcoin, saying: “Anyone who listened to him lost half of their savings.”
He portrayed Poilievre’s advice as something straight out of a late-night YouTube conspiracy binge. His message was clear: responsible leaders don’t endorse Bitcoin.
“He had one great opportunity for people to opt out of inflation. He recommended this last spring: ‘You can opt out of inflation if you invest your money in Bitcoin.’ He stayed up late, watched all sorts of YouTube videos, and came to that conclusion—he said that himself. Any Canadian who actually listened to him would have lost more than half of their life savings.”
Fast forward to January 2025: Bitcoin is sitting at $100,831—a 399.5% increase since Trudeau’s tweets.
JUST IN: 🇨🇦 Canada Prime Minister Justin Trudeau officially to resign from office.
In 2023 he mocked his political opponent for telling people to buy #Bitcoin, saying “that’s not responsible leadership.” pic.twitter.com/0gjKIezPXC
— Bitcoin Magazine (@BitcoinMagazine) January 6, 2025
Why Bitcoin advocates won’t forget the Freedom Convoy incident
Bitcoin’s rally has reignited debates about whether traditional leaders are too entrenched in legacy finance to understand the evolving economic landscape.
For crypto advocates, the surge represents more than just financial gains—it’s a triumph of decentralization and individual sovereignty, values that became especially salient during Trudeau’s controversial handling of the 2022 Freedom Convoy protests.
Trudeau’s legacy in the crypto space is marred not only by his anti-Bitcoin rhetoric but also by his government’s use of the Emergencies Act during the Freedom Convoy protests.
By invoking these powers, the government froze bank accounts, suspended insurance, and seized assets, intensifying fears about the risks of centralized financial control. For many Canadians, these actions validated the need for decentralized currencies like Bitcoin—a means to ensure that one’s financial autonomy remains untouched by government overreach.
Featured image via Shutterstock
