Trump’s Election Odds Dip Amid Fiery Debate
During the debate, Trump’s odds of winning the 2024 U.S. presidential election dropped by 3% on Polymarket, a decentralized betting platform. His chances, previously steady at 52%, fell to 49%, putting him nearly on par with Harris. Analysts attributed this shift to Harris’s calm composure in contrast to Trump’s visible frustration. The gap between them narrowed as Trump’s performance seemed to erode his lead significantly on the platform.
Polymarket’s real-time odds represent one of the more unconventional indicators in politics, and the post-debate slide reflects the volatility and unpredictability of the race. Though crypto remained untouched as a topic, the debate still has implications for the industry due to the candidates’ divergent approaches toward digital assets.
In a highly anticipated first debate between U.S. Vice President Kamala Harris and former President Donald Trump, crypto took a backseat as the candidates sparred over key issues like the economy, abortion, and immigration. Despite the rising interest in cryptocurrency as a political topic, neither candidate addressed the subject during the discussion. However, the political face-off still had an indirect impact on market sentiment.
Crypto’s Potential Future Under Harris or Trump
The debate has left many in the crypto community speculating about what each candidate’s victory could mean for digital assets. Trump has positioned himself as a crypto-friendly candidate, vowing to dismantle regulations that have placed restrictions on the industry. He has criticized the Biden administration’s “war on crypto,” pledging to turn the U.S. into a hub for digital currencies if elected. Some analysts project that a Trump victory could spur Bitcoin’s price to soar as high as $90,000 by year’s end.
On the other hand, Harris’s stance on cryptocurrency remains largely unclear, leading to uncertainty in the market. If she wins, some industry experts predict a downturn for Bitcoin, with prices potentially falling as low as $30,000. Harris’s victory could bring stricter regulatory oversight to the crypto space, which might curb the speculative exuberance that has driven prices in recent years.
Also Read: Coinbase Clears Up Confusion Over Kamala Harris’ Crypto Donations
Political Spending and Crypto’s Growing Influence
Crypto’s impact on the 2024 elections is evident despite being left out of debates. Three major crypto-backed PACs have poured over $202 million into campaigns, with Fairshake raising $177.8 million. Much of this funding has been used for attack ads against Democratic congressional candidates.
While crypto isn’t a top priority for most American voters, the industry’s political spending could shape future policies. As the election approaches, it remains uncertain if crypto will gain attention in future debates or stay in the background.
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