Pro-Bitcoin BTC Canadian politician Pierre Poilievre became the favorite of Polymarket bettors to become the country's next prime minister after the federal elections following Justin Trudeau's resignation on Monday.
What happened: The odds in favor of Poilievre, the head of the Conservative Party of Canada, jumped to 88% on the Polygon POL/USD-based decentralized prediction platform. Conversely, the probability of Trudeau returning to power dipped below 1% as of this writing.
About $467,645 has been wagered on the outcome, with bets linked to Poilievre amounting to $278, 387.
The next Canadian federal election will take place on or before Oct. 20 to elect members of the House.
Poilievre had an even stronger chance on Kalshi, a federally regulated betting platform, with 95% odds in favor at the time of writing.
Note that Polymarket is not available to U.S. residents due to regulatory hurdles.
See Also: Ethereum Co-Founder Vitalik Buterin Offloads Nearly A Million In Memecoins To Benefit Charities — Dogecoin’s Sister Coin NEIRO Plunges 3% After Sale
Why It Matters: Poilievre has been a proponent of cryptocurrencies such as Bitcoin, calling Canadians to invest in the sector to avoid inflation.
The Conservative Party leader also desired to make Canada the "blockchain capital of the world."
However, Trudeau, belonging to the Liberal Party, has slammed these views, warning that anyone who followed Poilievre's advice and invested in Bitcoin "would have seen their life savings destroyed."
The speculations and bets come in the wake of Trudeau's resignation. The outgoing prime minister said he will step down after the Liberal Party selects its new leader and stated that the Parliament will be suspended until Mar. 24.
Price Action: At the time of writing, Bitcoin was exchanging hands at $101,722.91, up 2.35% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Shutterstock
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