Canada’s 45th election was closely contested as the polls narrowed in the days leading up to the campaign’s conclusion.
Pierre Poilievre, the Bitcoin-friendly Conservative Leader, will no longer serve as a Member of Parliament after his seat was lost in an election where Mark Carney’s Liberal Party secured enough seats to form at least a minority government.
Data from Elections Canada, as reported by the CBC, shows that Poilievre’s Ottawa-area seat was lost to Liberal Brunce Fanjoy on Monday night, following a 5-week election cycle triggered by Carney, the current Prime Minister, last month.
As of 12:00 a.m. Eastern Time, approximately 162 seats were taken by the Liberal Party, which is sufficient to form a minority government.
This number is lower than what recent polls had forecast, which had predicted that a Carney-led Liberal Party would reach majority government territory — 172 seats — due to threats made by U.S. President Donald Trump to the country’s sovereignty and the punitive tariffs being directed northward by the White House.
However, it was noted by CBC News as of midnight that votes were still being counted, and it remains unclear whether enough seats will be won by the Liberals to form a majority government.
If the current results stand under the U.K.-inspired Westminster system that Canada operates under, the support of another opposition party, such as the separatist-minded Bloc Quebecois or the left-leaning New Democrat Party, would be needed by the Liberals to pass bills in the House of Commons.
A non-confidence motion led by the Conservatives, if supported by another party, would be enough to trigger another election — though it is considered far too early for this to be taken into account.
Unlike in the United States, where crypto played a significant role in influencing Congressional races and helping to place Trump back in the White House, it appeared to be a subdued affair in Canada.
Although crypto had been discussed by both Carney and Poilievre in the past, it was not raised as an issue during either campaign, even though it was considered an important topic by many Conservative Members of Parliament.
On Polymarket, a contract asking bettors to predict the next Prime Minister of Canada had surpassed $100 million in volume (in U.S. dollars), while a dozen other election-related questions collectively saw nearly an additional $100 million in volume.
