Mark Carney, the former governor of both the Bank of England and the Bank of Canada, is poised to become Canada’s next prime minister. However, he has long been skeptical and strongly critical of Bitcoin (BTC).

On March 9, Carney secured an overwhelming victory with 85.9% of the vote. He is expected to assume office in the coming days.

Mark Carney’s Views on Bitcoin

Carney will become Canada’s next Prime Minister, replacing Justin Trudeau, who resigned in January 2025 after nearly a decade in power.

Although Carney has never held a seat in Parliament, his experience managing economic crises and international reputation have garnered significant support within the Liberal Party.

However, Carney’s rise to Canada’s new Prime Minister position does not appear to be a positive signal for the crypto market. For years, he has expressed deep skepticism and sharp criticism of Bitcoin (BTC) and other decentralized cryptocurrencies. He formed his stance during his tenure as Governor of the Bank of England and has reiterated it in the years since.

“Canada’s new Prime Minister Mark Carney, a known critic of Bitcoin, previously labeled it [BTC] as having serious deficiencies,” said X user EdGeraldX.

Specifically, in a 2018 speech on the Future of Money, Carney assessed that Bitcoin has “serious deficiencies” due to its fixed supply cap, which leads to price instability.

“The fixed supply of Bitcoin has sparked a global speculative frenzy, encouraging the proliferation of new cryptocurrencies,” he stated.

He likened Bitcoin to a “criminal act of monetary amnesia,” arguing that recreating a digital gold standard was a historical mistake. Carney believes Bitcoin and other cryptocurrencies are “poor short-term stores of value,” failing to meet the basic criteria of money, such as stability and usability in transactions.

In 2018, he warned that Bitcoin threatened financial stability if left unregulated, calling for strict oversight to curb illegal activities like money laundering and terrorism financing.

Carney Prefers CBDCs Instead

In contrast, Carney enthusiastically advocates for Central Bank Digital Currencies (CBDCs) while opposing Bitcoin. This view is somewhat similar to that of Indian regulators. He argues that CBDCs could expand banking access for individuals and businesses while enabling central banks to combat terrorism and economic crime.

“Carney calls Bitcoin’s fixed supply a crime, supports CBDCs, and now controls policy for a $1.9 trillion economy,” shared an X user.

Carney’s views on Bitcoin and cryptocurrencies align with and are arguably more rigid than those of his predecessor. In September 2022, Trudeau hit out at Pierre Poilievre, a pro-crypto politician chosen to lead Canada’s Conservative Party.

Carney assumes office as Canada faces a trade war sparked by US President Donald Trump’s tariff policies. The US has officially imposed a 25% tariff on Canada after suspending it in early February.

Carney’s anti-Bitcoin stance may lead to stricter regulations to control cryptocurrencies. He might focus on anti-money laundering measures and investor protection, similar to the approach he advocated at the Bank of England. This could affect the ETFs operating in Canada like the BlackRock’s Bitcoin ETF or 3iQ’s Solana ETF.

Additionally, Canada may soon develop a digital Canadian dollar, potentially diminishing the role of Bitcoin and altcoins in the economy.

XRP has maintained a downtrend since reaching an all-time high of $3.40 on January 16. It currently trades at $2.18, noting a 35% price drop over the past two months.

The double-digit dip has led to a decrease in the amount of XRP tokens held in profit. On-chain data shows that the bearish sentiment against the altcoin is climbing, hinting at an extended decline. 

XRP Sees Drop in New Demand, Signaling Market Interest Slowdown

As XRP’s price falls, its total supply in profit has also reduced. According to Santiment, this has shrunk by 6.39 billion over the past week to fall to its year-to-date low. 

As of this writing, 87.95 billion tokens out of a total supply of 99.98 billion are held at a profit. This signals that some investors are now holding XRP at a loss, reflecting increased selling pressure and weakening market sentiment.

Moreover, on-chain data also shows a slump in new demand, with daily fresh purchases of XRP seeing a notable drop this month. Per Santiment, only 4,516 new wallet addresses were created on Sunday to trade XRP.

This represented the lowest daily count of new XRP demand since the beginning of the year. 

When an asset sees a drop in new demand, it means fewer investors are buying it. As observed with XRP, this has reduced trading activity and weakened price support in its spot market. It signals waning market interest in the altcoin and can contribute to further price declines if selling pressure remains high.

XRP Faces Selling Pressure: Will Bulls Break the Downtrend?

On the daily chart, XRP has traded below a descending trend line since reaching its all-time high, reflecting the downward trend.

This bearish pattern is formed when an asset’s price consistently creates lower highs over time. It suggests that sellers are in control, and unless the price breaks above the trend line, further declines are likely.

XRP trades at $2.17 at press time, significantly below this descending trendline. With a growing bearish bias, the token’s price might fall further from this trendline. In that scenario, XRP’s value could drop below $2 to $1.47.

However, if buying pressure gains momentum, XRP could break above its descending trendline and climb to $2.93. 

Crypto markets brace for volatile days ahead, with key US economic data due for release this week, starting Tuesday. These macroeconomic events could affect the portfolios of Bitcoin (BTC) holders, making it imperative for investors to adjust their trading strategies.

Economic developments are progressively influencing Bitcoin market sentiment, increasing the likelihood of volatility this week.

US Economic Data With Crypto Implications This Week

The following macroeconomic data points could influence Bitcoin sentiment this week.

JOLTS

Starting the list of US economic data with crypto implications this week is the release of US job openings data on Tuesday, March 11. Commonly referred to as the Job Openings and Labor Turnover Survey (JOLTS), this data point could significantly sway Bitcoin sentiment by providing insights into the health of the labor market and broader economy.

If the data indicates a strong labor market with high job openings—say, exceeding the previous 7.6 million mark—it might signal persistent economic strength. This could reduce expectations for imminent Federal Reserve (Fed) rate cuts.

Historically, a strong labor market can bolster the US dollar and traditional assets like stocks, drawing investors away from riskier assets like Bitcoin. This could dampen Bitcoin sentiment, as investors might perceive less need for a decentralized hedge against monetary easing.

Conversely, if job openings come in lower than anticipated, it could heighten recession fears or signal a cooling economy. Such an outcome would prompt speculation of Fed intervention through rate cuts. This scenario often boosts Bitcoin’s appeal as a “digital gold” or haven, potentially driving positive sentiment and price momentum among crypto enthusiasts.

CPI

The US CPI (Consumer Price Index) data, set for release on Wednesday, March 12, could also sway Bitcoin sentiment. This data will signal inflation trends that influence Fed policy.

A higher-than-expected CPI forecasted at 2.9% compared to the previous 3.0% might suggest persistent inflation. This would reduce hopes for rate cuts and strengthen the dollar, dampening Bitcoin’s appeal as a hedge. Such an outcome could lower sentiment and prices as investors favor traditional assets.

On the other hand, a softer CPI could fuel expectations of looser monetary policy, weakening the dollar and boosting Bitcoin as a risk asset. This would lift sentiment among crypto traders.

“CPI report on Wednesday – Core Inflation number going to come in cool – potentially lower than most expect. BTC will pump,” one user on X stated.

Initial Jobless Claims  

The US Initial Jobless Claims data, due Thursday, March 13, could also sway Bitcoin sentiment by reflecting labor market strength or weakness.

If claims drop below the expected 220,000 (following last week’s 221,000), it might signal a strong economy. This could strengthen the dollar and shift investors’ focus to traditional assets like stocks. Such an outcome would dampen Bitcoin’s appeal as a risk asset, lowering sentiment.

Meanwhile, higher-than-expected claims might indicate economic softening, raising hopes for Fed rate cuts. This often boosts Bitcoin as a hedge against fiat weakness, lifting sentiment and prices.

PPI

The US PPI (Producer Price Index) data, scheduled for release on Thursday, March 13, could impact Bitcoin sentiment by revealing wholesale inflation trends.

A higher-than-expected PPI, forecasted at 0.3% month-over-month, might indicate rising producer costs, potentially signaling persistent inflation. This could reduce expectations for Fed rate cuts, strengthening the dollar and pressuring Bitcoin as a risk asset, thus dampening sentiment.

However, a lower PPI could ease inflation fears, boost rate-cut hopes, and enhance Bitcoin’s appeal as an inflation hedge, lifting sentiment.

“A huge week for economic data, with JOLTS, CPI & PPI. We could either see some strength and markets claw back some of the losses of the last couple of weeks, or confirmation there are underlying issues and markets continue to sell off,” market analyst Mark Cullen indicated.

Consumer Sentiment

The US Consumer Sentiment Index, due for release on Friday from the University of Michigan, could significantly influence Bitcoin sentiment by reflecting public confidence in the economy.

A strong reading, potentially above the anticipated 64.0 (based on recent trends), might suggest optimism about economic stability, bolstering traditional markets and the dollar. This could dampen Bitcoin’s allure as a hedge against uncertainty, leading to bearish sentiment among crypto investors, as funds might flow toward equities.

Conversely, a weaker-than-expected figure could signal economic unease, enhancing Bitcoin’s appeal as a decentralized asset amid fears of inflation or recession. This would boost bullish sentiment and potentially its price. Given Bitcoin’s sensitivity to macroeconomic cues, this data could sway trader perceptions sharply.

“The University of Michigan’s consumer sentiment survey can tell us how optimistic people feel about the economy. This can impact consumer spending, which is a major driver of economic growth,” Pennybois Trades Alert highlighted in a post.