Imagine a group of voters who are significantly more likely to cast their ballots than the national average.
Over 90% of crypto asset holders in Canada voted in the last federal election, emerging as a salient voting bloc, concludes a new report from Canadian fintech Shakepay.
There are an estimated five million crypto holders in Canada.
The fintech report—which polled nearly 2,000 eligible voters in the next Canadian federal election—found that when it comes to politics, the future fate of bitcoin determines this bloc’s lean: 90% of them informed Shakepay they would back whichever party best supports the crypto space, which has grown to $3 trillion worldwide.
Bitcoin Canadians are “young, educated, and tech-savvy individuals who believe in digital innovation and economic modernization,” according to the report, which shows that a majority crypto holders in the country are 39 or younger. This means the bloc will continue to exercise voting power for decades.
Beyond the technology, bitcoin is also a “driver of financial literacy and economic empowerment,” the report suggests, pointing to Canadians who cite protection from inflation, increased wealth, and other benefits from holding crypto assets.
Political parties looking to appeal to this bloc should consider their demands, such as being able to hold bitcoin in tax-advantaged accounts such as a TFSA or an RRSP, categorizing bitcoin as a strategic reserve asset, and protecting the right to self-custody of assets.
“While other jurisdictions position bitcoin as a strategic reserve asset and embrace policies
to accelerate growth, Canada’s cautionary approach risks falling behind, stifling innovation and, ultimately, placing its citizens at a disadvantage,” Shakepay’s report warns.
A long-time advocate for bitcoin, Shakepay was established in Montreal in 2015 and today serves over 1.3 million customers nationwide.
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