Pro-Bitcoin BTC Canadian Politician Pierre Poilievre Became the Favorite of Polymarket Bettors to Become the Country's Next Prime Minister

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.

Canadian politician Pierre Poilievre has emerged as the frontrunner in Polymarket betting to become the country's next prime minister following federal elections.

The odds in favor of Poilievre, who leads the Conservative Party of Canada, stood at 88% on the Polygon (MATIC)-based decentralized prediction platform on Monday evening.

Meanwhile, the probability of Trudeau — who belongs to the Liberal Party — returning to power was less than 1% at the time of this report.

A total of about $467,645 had been wagered on the outcome, with bets linked to Poilievre amounting to $278,387.

The next Canadian federal election will be held 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.

It's worth noting that Polymarket is not accessible to U.S. residents because of regulatory hurdles.

Poilievre has been a vocal supporter of cryptocurrencies such as Bitcoin (CRYPTO: BTC), urging Canadians to invest in the sector to protect themselves from inflation.

The Conservative Party leader also aspires to make Canada the "blockchain capital of the world."

However, Trudeau has criticized these views, stating that anyone who followed Poilievre's advice and invested in Bitcoin "would have seen their life savings destroyed."

The speculations and bets are being made as Trudeau prepares to step down. The outgoing prime minister said he will resign after the Liberal Party chooses its new leader and stated that the Parliament will be suspended until Mar. 24.

Bitcoin was trading at $101,722.91 at the time of writing, up 2.35% over the past 24 hours, according to data from Benzinga Pro.