Pierre Poilievre, the Conservative leader known for his support of Bitcoin, will no longer hold a seat in Parliament following an election that saw the Liberal Party, led by Mark Carney, gain sufficient seats to form a minority government at the very least. According to data from Elections Canada, as reported by the CBC, Poilievre lost his seat in the Ottawa area to Liberal candidate Bruce Fanjoy on Monday night, after a five-week election period initiated by Carney, the current Prime Minister, last month. As of 12:00 a.m.
Eastern Time, the Liberal Party had secured approximately 162 seats, which is enough to form a minority government. This outcome falls short of forecasts from recent polls, which suggested that the Liberal Party under Carney's leadership would achieve a majority government with 172 seats, considering the threats posed by U.S. President Donald Trump to Canada's sovereignty and the punitive tariffs imposed by the White House.
However, as of midnight, CBC News noted that votes were still being counted, and it remains unclear whether the Liberals will secure enough seats to form a majority government. Under the current results, the Liberals would require the support of another opposition party, such as the Bloc Quebecois or the New Democrat Party, to pass legislation in the House of Commons, given the Westminster system of government in Canada. A non-confidence motion led by the Conservatives, supported by another party, could potentially trigger another election, although it is premature to consider this scenario at present.
Unlike in the United States, where cryptocurrency played a significant role in influencing Congressional races and contributed to Trump's return to the White House, its impact appeared muted in the Canadian election. While both Carney and Poilievre have previously discussed cryptocurrency, the issue did not feature prominently in either campaign, despite being an important concern for many Conservative Members of Parliament. On the prediction platform Polymarket, a contract asking users to predict the next Prime Minister of Canada surpassed $100 million in volume, with another dozen election-related questions collectively approaching $100 million in volume.