Poilievre personally holds investment in Bitcoin as he promotes crypto to Canadians
Conservative Party leadership candidate Pierre Poilievre has a personal financial interest in cryptocurrencies that he has promoted during his campaign as a hedge against inflation.
The Ottawa-area MP’s assets include units of Purpose Bitcoin, a Canadian-based, exchange-traded fund that holds cryptocurrencies, according to his May 4 disclosure to the federal ethics commissioner.
Poilievre’s campaign denied encouraging investment in crypto puts him in a conflict of interest.
"Mr. Poilievre spoke with the Office of the Conflict of Interest and Ethics Commissioner prior to publicly commenting on Bitcoin and Bitcoin related policies,” his spokesperson Anthony Koch said in an email.
“The Office cleared him to do so without issue.”
The campaign provided an email from the Office of the Ethics Commissioner from November that said the interest in Bitcoin “does not prevent you from commenting on cryptocurrencies in general, participating in debates and vote on public policies related to the regulation of cryptocurrencies.”
The commissioner’s office also said Poilievre was free to host conversations with other MPs “on this subject matter as any policies or regulations would apply to you as one of a broad class.”
Poilievre has proposed barring the Bank of Canada from developing its own digital currency and said Canadians should be free to use alternative currencies for payments.
“We need sound money again—and also the freedom for buyers and sellers to choose #bitcoin and other technology,” he tweeted on April 1.
In March, he held an event at a London, Ont., restaurant and paid for a shawarma using Bitcoin. And at an event in April in BC, he made a Bitcoin donation to the BC SPCA, accompanied by a dog wearing a Bitcoin logo.
“A Poilievre government would welcome this new, decentralized, bottom-up economy and allow people to take control of their money from bankers and politicians,” his campaign said in a press release.
Since then, the value of Bitcoin and other cryptocurrencies has plunged, exposing Poilievre to criticism from opponents who say encouraging Canadians to invest in something so volatile is reckless.
The value of the Purpose Bitcoin ETF has fallen nearly 40 per cent over the past six months.
The Conflict of Interest Code for Members of the House of Commons requires MPs to report assets and liabilities in excess of $10,000. But it does not require them to reveal the value of their assets or when they were acquired.
Poilievre’s campaign said his holdings in Bitcoin were right around the disclosure threshold.
In his disclosure, Poilievre also reported holding exchange-traded funds based on the stock indexes of Singapore and Switzerland. His campaign said he was required under the conflict-of-interest Code to publicly disclose these ETFs, but not his holdings in a Canadian stock index fund.
“Mr. Poilievre's largest investment by far is in Canadian Index Fund that tracks the TSX,” the campaign said.
The co-founder of ethics advocacy group Democracy Watch said MPs should be prevented from holding assets like Bitcoin.
“It’s clearly unethical for MPs or party leadership candidates to advocate for changes that will help businesses they are invested in, and the best way to stop this is to prohibit MPs from having investments,” Duff Conacher, said in an email.
During last week’s leadership debate in Edmonton, Poilievre was challenged over his past comments on Bitcoin. He should not be encouraging investment in “magic internet money,” said Brampton, Ont., mayor and leadership candidate Patrick Brown.
“People can make their own investment decisions,” Poilievre said in response to a question from Leslyn Lewis, an Ontario Conservative MP and leadership candidate.
“I simply said they should be free to decide whether they want to use Bitcoin. I don’t want to be like communist China and ban Bitcoin or other technologies.”
Canadian investors are already free to invest in cryptocurrencies. Indeed, Poilievre is not the only MP with investments in crypto. At least seven others declared Bitcoin or other digital currency assets in their disclosures, including:
Ben Lobb (Conservative, Ontario): Bitcoin.
Chandra Arya (Liberal, Ontario): Stock options of Coinbase Global Inc.
Taleeb Noormohamed (Liberal, BC): Bitcoin, Ethereum, Stacks and Coinbase Global Inc.
Joël Lightbound (Liberal, Quebec): Purpose Bitcoin ETF, Purpose Ether ETF, Bitcoin and Solana.
Scot Davidson (Conservative, Ontario): Evolve Cryptocurrencies ETF, held by spouse.
Tony Van Bynen (Liberal, Ontario): Ethereum.
Terry Beech (Liberal, BC): Ethereum.
IN DEPTH
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
'Democracy requires constant vigilance' Trudeau testifies at inquiry into foreign election interference in Canada
Prime Minister Justin Trudeau testified Wednesday before the national public inquiry into foreign interference in Canada's electoral processes, following a day of testimony from top cabinet ministers about allegations of meddling in the 2019 and 2021 federal elections. Recap all the prime minister had to say.
As Poilievre sides with Smith on trans restrictions, former Conservative candidate says he's 'playing with fire'
Siding with Alberta Premier Danielle Smith on her proposed restrictions on transgender youth, Conservative Leader Pierre Poilievre confirmed Wednesday that he is against trans and non-binary minors using puberty blockers.
Supports for passengers, farmers, artists: 7 bills from MPs and Senators to watch in 2024
When parliamentarians return to Ottawa in a few weeks to kick off the 2024 sitting, there are a few bills from MPs and senators that will be worth keeping an eye on, from a 'gutted' proposal to offer a carbon tax break to farmers, to an initiative aimed at improving Canada's DNA data bank.
Opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories
'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Ottawa pizzeria places among top 20 deep-dish pizzas in the world at international competition
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
Wildfire near Fort McMurray more than triples overnight, several evacuation alerts remain in place
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Putin replaces Russian defence minister in rare cabinet shakeup
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Man fatally 'slashed in the neck' in downtown Toronto, suspect outstanding
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
WATCH Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Edibles, armchairs and adapters: Here are the recalls for this week
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
Local Spotlight
Want to boost your trivia score? Learn from these high school trivia whiz kids
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
Ottawa pizzeria places among top 20 deep-dish pizzas in the world at international competition
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
Federal government bans watercraft from Manitoba lake popular with tourists
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
Toronto-area dessert shop featured by Keith Lee forced to move after zoning complaint
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
'Oh Crap!' New exhibit at Canada Science and Technology Museum explores human waste
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
Regina police hope new biometric monitoring system will save lives in detention facility
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Her SUV was stolen in Montreal. A Good Samaritan on Facebook helped her get it back
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.