Justin Trudeau Resigned: Will New PM Be Crypto-Friendly?

Justin Trudeau, Prime Minister of Canada for the past nine years, has officially resigned today, under heavy criticism of his cabinet and the Liberal Party of Canada.

This has first been reported by The Toronto Star, and CNN has confirmed the news. Given the ongoing nature of events, many guessed who might take his place, with Pierre Poilievre being the main candidate. Polymarket, a well-known prediction platform, is predicting a 92% chance that he will become Canada’s next Prime Minister on or before October 2025.

Polymarket predicts 92% chance of Pierre Poilievre becoming Canada’s next Prime Minister | Source: Polymarket

Polymarket users quickly backed Poilievre in a betting contract named “Next Prime Minister of Canada,” which has seen over $260,800 in trading. People believe this prediction because of Poilievre’s views against Trudeau-era policies and his strong opposition to central bank digital currencies (CBDCs).

Poilievre has consistently pushed against the creation of a CBDC, emphasizing the need to preserve cash usage to protect privacy and financial freedom.

The Bank of Canada, in September 2023, scaled back plans to explore a CBDC which is something many say was in response to political pressure, including efforts by Poilievre. He has also made it clear that he supports Bitcoin and other cryptocurrencies.

During a campaign speech in 2022, he talked about making Canada a possible global center for blockchain technology. This friendly view caught a lot of attention from blockchain users and investors, but it has also received criticism from his political rivals.

With Trudeau gone, Poilievre’s political future looks more certain, and many are now questioning whether his leadership will back pro-crypto policies.