Justin Trudeau announced his resignation as Canada’s Prime Minister, nearly three years after what is known as the “Freedom Convoy.” At that time, the Canadian national police ordered the freeze of millions of dollars worth of Bitcoin (BTC).
On February 14, 2022, Justin Trudeau invoked the Emergency Act, facing the “Freedom Convoy” protests related to the COVID-19 pandemic. On February 16, 2022 Royal Canadian Mounted Police (RCMP) ordering all FINTRAC-regulated organizations in Canada to stop interacting with 34 Bitcoin wallets the world used to donate BTC to the protesting truckers.
As Finbold reported later that year, these wallets received approximately 20 BTC, then worth between $877,760 and $891,480. This is an estimated valuation considering Bitcoin’s opening and closing price on February 16, ranging from $43,888 to $44,574 per BTC.
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Interestingly, $1,000 donated in Bitcoin at this infamous day would have transferred between 0.02243460 and 0.02278527 BTC.
Bitcoin (BTC) price analysis, 3 years after Trudeau’s ‘freedom convoy’
With BTC trading around $101,750 at the time of this writing, the $1,000 in Bitcoin donated to Trudeau’s truckers’ frozen “Freedom Convoy” wallets would now be worth from $2,282 to $2,318. Essentially, this would represent up to 132% gains in three years.
Bitcoin has reached this price on January 6, 2025 after surging an impressive 4% in the intraday, renewing investors’ optimism. Some analysts also believe that BTC’s sudden price reaction could be a direct effect of Trudeau’s resignation.
On a broader analysis, The Kobeissi Letter reported the Canadian Dollar itself surging in response to the political news. At posting time, the CADUSD pair surged by 0.35% from today’s opening.
With this significant shift, most financial markets are bullish and see Justin Trudeau’s resignation as a net-positive event. However, the true financial consequences of this act are yet to be seen as things develop throughout 2025.
Featured image from Shutterstock
