YEREVAN (CoinChapter.com) — On Jan. 6, Justin Trudeau announced his decision to resign as Canadian Prime Minister and leader of the Liberal Party. In a press conference, Trudeau stated that the party would choose his successor “through a robust, nationwide, competitive process.” Reports earlier suggested that members of Parliament were urging him to step down, citing internal challenges.
The announcement came shortly after Chrystia Freeland, the Deputy Prime Minister and Finance Minister, resigned in December. Freeland’s departure was reportedly due to disagreements with Trudeau over handling potential tariffs from US President-elect Donald Trump.
“This country deserves a real choice in the next election, and it has become clear to me that if I’m having to fight internal battles, I cannot be the best option in that election,”
said Trudeau.
Polymarket Betting Reflects Trudeau’s Resignation Odds
Ahead of the resignation, Polymarket betting activity spiked, with users speculating whether Justin Trudeau would step down by the end of January 6. The odds on Polymarket showed a clear increase, reflecting heightened anticipation of his resignation.
Polymarket also allowed users to bet on potential successors for the Canadian Prime Minister role after the next election. At the time of the announcement, Pierre Poilievre, leader of the Conservative Party, led with 91% odds. The platform has seen consistent activity, with users placing bets on political events such as US elections and cabinet selections. However, Polymarket political bets remain restricted to users outside the United States due to platform policies.
Trudeau Resignation Betting Trends․ Source։ PolymarketConcerns were raised about significant influence from “whale” bets, with some large investors pouring millions into certain predictions, which could impact the displayed odds.
Freeland’s Resignation Adds to Liberal Party Challenges
The resignation of Chrystia Freeland in December amplified political uncertainty for the Liberal Party. Freeland left her role as Finance Minister and Deputy Prime Minister, citing policy disagreements with Justin Trudeau, particularly on responses to potential tariffs threatened by the United States. Her exit sparked concerns over party unity during a critical period for Canadian politics.
Trudeau Criticized for Handling of Crypto-Related Policies
During his tenure, Justin Trudeau faced criticism from the crypto industry, especially following his use of the Emergencies Act during the 2022 truckers’ protests. Trudeau’s decision allowed the government to freeze bank accounts and monitor digital asset transactions deemed suspicious. Critics argued that these measures overreached financial freedoms, drawing backlash from crypto advocates.
The Liberal Party now faces the task of selecting a new leader while navigating challenges posed by Trudeau’s resignation and Freeland’s departure. The leadership change comes amid growing political uncertainty and upcoming elections that will shape Canada’s future.
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