For years, many contributors to this blog have been warning about the risks of debanking—long before the topic became mainstream. We saw it back in the early days of PayPal, during Elon Musk’s involvement, when accounts were frozen without warning. While many now admire Musk, the truth is that PayPal has been closing accounts for decades, and in the early 2000s, few cared because few people were making money online.
The reality is this: having legal rights does not always mean you can enforce them. If you are a small player in a massive system, you are at a disadvantage.
Why Bitcoin Is Treated as a Threat
As a Bitcoin holder myself, I do not purchase Bitcoin through Canadian banks. I would rather buy it through smaller, less regulated networks than risk buying through a Schedule 1 bank. Why? Because Bitcoin directly competes with the banks, the foreign exchange system, and fiat currencies in general.
Crypto challenges the monopoly that banks have over money. Many people—lawyers, professionals, even conservatives in Canada—fail to see this. They think banks are neutral entities. But in Canada, even so-called conservatives tend to be comfortable, insulated, and naïve. Few of them work in blue-collar industries, where people deal daily with governments seizing property or shutting businesses down with the stroke of a pen.
What Happens When You Deposit in a Bank
Let’s clarify something: when you deposit money into a bank account, that money is legally yours—but in practice, the bank controls it.
- If you apply for a business loan, the bank will search your background, scour the internet, and look for any reason not to lend you their money.
- Banks also have the legal authority to freeze your accounts, especially if they consider your activities “high-risk” or “non-compliant” with their terms.
- Crypto-related transactions are often flagged, because Bitcoin is seen as a challenge to the system itself.
This isn’t new or even uniquely Canadian—it’s how the global banking system operates. What’s different is that Canada’s laws and culture are more secular and less protective of individual property rights.
Canada’s Secular Reality
Eva Chipiuk, a lawyer involved with the Freedom Convoy, recently shared her experience of debanking. While her story is unfortunate, it highlights a reality that many Canadians—especially professionals—still fail to grasp:
Canada is a secular nation.
Unlike the Kingdom of God, where justice and fairness are paramount, secular systems operate on man-made priorities. These priorities can (and often do) clash with Christian values such as liberty, freedom, and the protection of property.
Canadians consistently vote for big-government, left-leaning policies that prioritize collective goals over individual rights. In this environment, banks act as extensions of the state. They will always align with government expectations first.
The Difference Between Canada and the U.S.
In the United States, conservatives—even when their party is in power—tend to remain deeply skeptical of government overreach. This skepticism is rooted in their Constitution, which enshrines fundamental rights such as freedom of speech and the right to bear arms, both designed to protect individuals against a tyrannical government.
Canada, by contrast, takes a very different approach. Handguns are banned, property rights are weaker, and the culture is far less entrepreneurial. Even if Pierre Poilievre were to win the 2025 federal election, it would not be surprising to see Alberta stop talking about secession. This is why such movements are often mocked: money alone is not enough to drive a region to leave a country. True secession movements require a deep sense of purpose—something that, historically, has often been tied to faith and principle.
History shows this clearly. Even regions trapped in extreme poverty rarely secede unless there is a greater cause. The American Revolution was about more than taxation; the colonists left Britain because they despised tyranny. At that time, society was still deeply Christian, and it was far easier to inspire rebellion when people believed that the monarchy was acting in defiance of God.
Communist China provides a modern parallel. Its government suppresses or heavily regulates religion because it fears that faith can inspire people to resist oppression. While many Canadians today do not read or understand the Bible, those living under truly tyrannical rule often recognize it for what it is: a guidebook to liberty, peace, and hope.
Bitcoin’s Unique Challenge to Banks
Banks see Bitcoin as a twofold threat:
- Direct competition for transactions – If more people hold crypto instead of using banks, traditional financial institutions lose influence and control.
- Insurance risks – If people lose Bitcoin or get hacked, they often turn to the government for compensation. This creates new financial risks for banks and insurance companies, which already pay the highest taxes in Canada.
For these reasons, banks will act aggressively to freeze accounts associated with activities they consider risky—including Bitcoin purchases and political dissent.
The Role of Secularism
The further a nation drifts from Christ, the more tyrannical it becomes. Canada is now one of the most secular countries in the G7, second only to Japan. A culture without God quickly becomes hostile to the values that Christianity protects: liberty, free speech, and property rights.
As Christians, we must accept that in a secular nation, you cannot rely on the system to protect your freedoms. Instead, you need to be discerning, cautious, and strategic in how you interact with the system.
Learning from Japan
Japan is a constitutional monarchy with a disciplined culture and high ethical standards. Many foreigners have noted that in Japan, you can leave an expensive item unattended and it won’t be stolen. Yet, this discipline comes at a price: their freedom is limited by the priorities of the state. They obey, but they do not have the freedom of speech and liberty rooted in Christian teachings.
This shows that moral conduct without Christ is still incomplete. Order can exist, but freedom and eternal hope come only from Him.
Final Thoughts
Debanking is a symptom of a bigger cultural and spiritual shift. In a secular country, when you hand over your money to a bank, you are placing it in an institution that answers to the government first, not to you.
The more a nation turns away from Jesus Christ, the more its systems become hostile to liberty and property rights. Bitcoin, for all its promise, cannot replace the freedom that comes from a moral foundation rooted in God.
Consider making Jesus Christ your Lord and Savior today. Only in Him do true liberty and justice begin.