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Tesla and SpaceX CEO Elon Musk has shown his support for Pierre Poilievre, Canada’s pro-Bitcoin opposition leader. This follows Canadian Prime Minister Justin Trudeau’s announcement of his resignation on January 7, in the wake of the abrupt departure of his finance minister, Chrystia Freeland. The Endorsement Musk shared a video of Poilievre discussing inflation and fiscal policy on X, captioning it, “Perfectly articulated.” As the Conservative Party leader, he is now widely seen as the frontrunner to succeed Trudeau, with Canada’s federal election scheduled for October 20, 2025. The video has gained a lot of attention, particularly from the cryptocurrency community, which has rallied behind him due to his pro-crypto stance and advocacy for innovation. The opposition leader has been a long-time supporter of Bitcoin, frequently appearing on digital asset podcasts and advocating for Canada to become the “blockchain capital of the world.” In his 2022 campaign, he made his backing of the flagship cryptocurrency clear by using it to pay for shawarma, a move reminiscent of U.S. President-elect Donald Trump’s purchase of burgers in New York’s PubKey bar, using BTC. A few weeks later, he donated $100 worth of Bitcoin to the British Columbia Society for the Prevention of Cruelty to Animals. Additionally, he pledged to remove taxes on crypto donations if he became Prime Minister. The 45-year-old has also made several pro-crypto statements. On one occasion, he argued that “Canadians should have the freedom to use other forms of money, like Bitcoin,” criticizing the government for “ruining” the country’s fiat currency. Poilievre has also been an outspoken critic of Canada’s central bank. In April 2022, he attributed the North American nation’s record inflation to the institution’s controversial policies. He also said that alternatives like Bitcoin were essential in addressing Canada’s economic challenges. Further, a Reuters report from April last year showed that the 45-year-old voiced his support for legislation that would block the introduction of a central bank digital currency (CBDC) in the country. Poilievre’s Odds and Vancouver’s Bitcoin Moves Data from the prediction market Polymarket shows that Poilievre has an 89% chance of winning the upcoming election, far ahead of the next closest contender, Chrystia Freeland, who has just a 7% chance. In related news, on December 11, Vancouver’s City Council approved a motion put forward by Mayor Ken Sim, suggesting the city consider holding Bitcoin in reserve and accepting cryptocurrency payments for municipal services. Local media revealed that the proposal passed along party lines, with Sim and ABC Vancouver councilors in favor, while two Green councilors opposed it. Sim has also committed to donating $10,000 worth of Bitcoin in support of the initiative. “Bitcoin is the number one performing asset on the planet over the last 16 years, so to not even look at including it as a part of a diversified portfolio is, I think, reckless,” he said. The post Elon Musk Endorses Pro-Crypto Canadian PM Contender Pierre Poilievre Ahead of Canada’s Election appeared first on CryptoPotato .
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Legal Battle Over Disposed Hard Drive Containing 8,000 Bitcoin Sees Setback for James Howells Amid Price Surge
The quest for a lost fortune has taken a bitter turn as IT engineer James Howells loses his latest legal bid to recover a hard drive containing over 8,000 Bitcoin. Crypto Potato
Oklahoma Senator Proposes “Bitcoin Freedom Act” to Integrate Bitcoin into Payroll
Oklahoma State Senator Dusty Deevers has introduced the “Bitcoin Freedom Act” , a groundbreaking piece of legislation aimed at empowering workers by allowing them to receive wages in Bitcoin. As reported by Bitcoin Magazine, the proposed act seeks to expand financial options for employees, marking a significant step toward integrating cryptocurrency into mainstream payroll systems. What Is the Bitcoin Freedom Act? The Bitcoin Freedom Act proposes to give employees in Oklahoma the choice to receive a portion or all of their wages in Bitcoin. By doing so, the legislation aims to: Promote financial freedom by offering alternatives to traditional fiat currency. Encourage the adoption of cryptocurrency in everyday transactions. Position Oklahoma as a progressive state embracing financial innovation . Key Provisions of the Act Voluntary Participation The proposed legislation ensures that employees have the option—not the obligation—to opt into Bitcoin payroll. Payroll System Integration Employers would be required to integrate Bitcoin payment systems to facilitate seamless cryptocurrency transactions. Educational Resources The act includes provisions to educate employees about Bitcoin’s risks and benefits, ensuring informed decision-making. Implications for Employees and Employers Benefits for Employees Hedge Against Inflation: Bitcoin is often seen as a store of value, making it an attractive option for employees looking to protect their earnings. Global Accessibility: Bitcoin payments allow workers to access funds globally without reliance on traditional banking systems. Considerations for Employers Payroll Infrastructure: Businesses may need to adopt new systems to handle cryptocurrency transactions efficiently. Compliance and Taxes: Employers must navigate potential regulatory challenges and ensure tax compliance for Bitcoin-based wages. Why Bitcoin in Payroll? Financial Independence The act aligns with Bitcoin’s ethos of decentralization, giving employees more control over how they receive and use their wages. Growing Crypto Adoption With businesses like Tesla and MicroStrategy adopting Bitcoin, integrating cryptocurrency into payroll systems reflects a growing trend. Competitive Advantage By offering Bitcoin payments, companies in Oklahoma could attract tech-savvy talent and position themselves as forward-thinking employers. Potential Challenges Regulatory Concerns Cryptocurrency regulations in the U.S. remain inconsistent, which could complicate the implementation of the act. Volatility Risks Bitcoin’s price volatility may pose risks for employees relying on it as a stable source of income. Employer Adoption Businesses may be hesitant to adopt Bitcoin payroll systems due to technical and financial barriers. The Bigger Picture: Crypto in Mainstream Employment The Bitcoin Freedom Act represents a broader shift toward cryptocurrency adoption in traditional financial systems. Other jurisdictions, including Miami and Wyoming, have already explored similar initiatives, positioning themselves as crypto-friendly hubs. If successful, Oklahoma’s proposal could set a precedent for other states to follow. FAQs What is the Bitcoin Freedom Act? The Bitcoin Freedom Act is a proposed law in Oklahoma allowing employees to receive wages in Bitcoin, expanding financial flexibility for workers. Who proposed the Bitcoin Freedom Act? Oklahoma Senator Dusty Deevers introduced the Bitcoin Freedom Act to integrate cryptocurrency into payroll systems. How would the act benefit employees? Employees could hedge against inflation, gain financial independence, and access wages globally through Bitcoin payments. Are employers required to offer Bitcoin payments? Yes, but participation by employees would be voluntary, ensuring workers can choose their preferred payment method. What challenges might arise from the act? Potential challenges include regulatory uncertainties, Bitcoin’s price volatility, and the need for employers to adopt new payroll systems. Could this act influence other states? Yes, if successful, Oklahoma’s Bitcoin Freedom Act could serve as a model for other states exploring cryptocurrency integration. Conclusion The Bitcoin Freedom Act proposed by Oklahoma Senator Dusty Deevers represents a bold step toward financial innovation, offering workers the choice to receive wages in Bitcoin. By integrating cryptocurrency into payroll systems, the legislation could pave the way for broader adoption and cement Oklahoma’s reputation as a leader in crypto-friendly initiatives. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential. Crypto Potato
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565 Trillion Shiba Inu (SHIB) Now Held By Only 5 Whales
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