One of the biggest ongoing debates in the political world revolves around the fate of Canadian Prime Minister, Justin Trudeau. After a disastrous term, it seems that Trudeau leaving the office seems imminent.

In a media interview, the 53-year-old leader told reporters at a news conference in Ottawa on Monday

"I intend to resign as party leader, as prime minister, after the party selects its new leader."

His resignation comes less than a month after Finance Minister and Deputy Prime Minister Chrystia Freeland said she would step down, citing differences of opinion with Trudeau over how to handle potential tariffs that US President-elect Donald Trump has threatened to impose on Canada.

Trudeau's resignation has attracted the attention of many, including people like president-elect Donald Trump who wrote on his Truth Social that in order to resolve many of the economic issues the country is facing, Canada should merge with the United States.

A promise not kept

Justin Trudeau, who has been the leader of the Liberal Party for 11 years and prime minister for 9, was facing immense pressure after suffering numerous backlash from the public; from the Donald Trump's tariff threats to the resignation of key allies and disastrous opinion polls.

Stepping down seems like the best option for Trudeau right now, else he might risk going into a general election which would be held later this year that many would expect him to lose.

After his election as the prime minister back in 2015, he promised "sunny ways" for Canada, championing for progressing issues like combating climate change, and addressing historic abuse against Indigenous peoples. But during the latter years of his premiership it was marked by rising economic discontent.

Many in the crypto industry also criticized Trudeau's handling of a 2022 strike led by protestors who blocked the streets in protest of the nation's COVID-19 restrictions. In order to curb the protest, the prime minister invoked the country's Emergencies Act to freeze the protester's bank accounts and monitor "large and suspicious transactions," including those made using digital assets.

Placing your bets on who might be Trudeau's replacement

Prior to the Jan 6 conference, the odds of Trudeau resigning on cryptocurrency betting platform Polymarket steadily increased, with users betting he intended to step down by the end of the day.

The platform also allowed users to put their bet on who they thought would be Canada's next prime minister after the next election, with 91% odds on Conservative Party leader Pierre Poilievre.

Polymarket has gained popularity in 2024 after many customers used the platform to place political bets, including the possible outcomes in the US election and Trump's cabinet picks.

While the political bets are only available for users outside the United States, but many have pointed out that a few whales might be able to manipulate the results of the bet by pouring millions of dollars into Polymarket to influence the odds.