As a long-time crypto investor who has seen the market’s ebb and flow, I can confidently say that the recent surge in Donald Trump’s odds on Polymarket is not just a flash in the pan. The appeal of Trump among the crypto community, particularly his pro-crypto stance and initiatives like World Liberty Financial, cannot be ignored.
As the 2024 U.S. presidential election gets closer, Donald Trump is increasing his advantage over Kamala Harris in polls conducted by Polymarket
Following a stretch of almost equal chances around mid-August, I’ve noticed a significant shift in the odds for me, Donald Trump, on Polymarket. Currently, about 53% of the bettors are backing my candidacy, while only 47% are favoring Kamala Harris
This change signals Donald Trump’s return to prominence, as his chances dropped following Joe Biden’s decision not to run again, leading to a short-term surge in popularity for the incumbent Vice President
Trump’s advantage on Polymarket is expanding… Meanwhile, frequent interviews and podcasts are highlighting a stark contrast as Kamala appears reluctant to deviate from her prepared statements
— Geiger Capital (@Geiger_Capital) September 4, 2024
Although Trump’s approval rating reached 53%, it is significantly lower compared to the 72% high point after the Bitcoin 2024 conference in Nashville, Tennessee in late July
Trump and crypto
As an analyst, I can say that a significant factor contributing to Trump’s revival is his potent allure towards cryptocurrency investors, a demographic that is progressively exerting more influence over this election, as suggested by Coinbase
His favorable attitude towards cryptocurrencies, as evidenced by his pledges to back the Bitcoin (BTC) industry and blockchain projects, has struck a chord with influential figures in the cryptocurrency world
On August 27th, Trump unveiled his fourth NFT series, titled “The America First Collection: Series 4,” which includes digital trading cards that can be purchased using Bitcoin Ordinals. Two days later, he declared that if re-elected, the U.S. would become the leader in cryptocurrency, citing his initiative, World Liberty Financial
Contrarily, Harris’s campaign has found it challenging to sustain enthusiasm among Polymarket users, with a significant drop in interest following critical occasions such as the Democratic National Convention, during which cryptocurrency was barely mentioned in discussions
This election period, both political parties have been making efforts to attract cryptocurrency enthusiasts, hoping to win their support and financial backing. Consequently, speculators betting on Polymarket elections have found themselves in an exciting rollercoaster ride, with things anticipated to become even more thrilling as the election date draws near
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2024-09-04 22:52