Kamala Harris Edges Out Donald Trump In Crypto Betting Odds For The First Time, Wagers Rise From 6% To 52% In Less Than A Month

Author: Aniket Verma | August 11, 2024 11:10pm

Vice President Kamala Harris surpassed Republican challenger and former President Donald Trump as the likely candidate to win the race to the White House, according to cryptocurrency betting platform, Polymarket.

What Happened: Harris' betting odds surged past Trump for the first time since getting officially confirmed as the Democratic candidate for the upcoming November election.

Gambles in favor of Harris hit 52% as of this writing, compared to 46% for Trump, who till very recently was the overwhelming favorite of cryptocurrency bettors.

Trump's odds were at an all-time high of 72% barely a month ago. However, President Joe Biden's withdrawal from the race and Harris' elevation to the forefront of the Democratic presidential ticket caused a dramatic shift in sentiment.

Polymarket, which is built atop Ethereum (CRYPTO: ETH) Layer-2 chain, Polygon (CRYPTO: MATIC), has emerged as one of the world's top prediction markets for U.S. elections over the last few months.

The so-called decentralized prediction market allows users to bet on major global events using cryptocurrencies. 

See Also: Winklevoss Twins Take Sly Dig At Kamala Harris’ No-Show At The Latest Roundtable: ‘Don’t Worry, She’s Really Into Crypto’

Why It Matters: The jump in Harris' presidency chances reflected the rapidly shifting U.S. political landscape. 

Trump has gained massive popularity among cryptocurrency aficionados in recent months due to his passionate support for the asset class. He even positioned himself as the "crypto president," and advocated for a strategic national Bitcoin (CRYPTO: BTC) stockpile.

While the Democratic side failed to match Trump's aggressive courting of the cryptocurrency demographic initially, Harris' nomination has generated hopes. 

Democratic-leaning lobby launched a "Crypto for Harris" campaign, aiming to build political support for the incumbent Vice President.

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