Donald Trump overtook Kamala Harris on Polymarket after Robert F. Kennedy Jr. dropped out of the U.S. presidential race.
Polymarket bettors have wagered $87 million on a 51% chance that Republican candidate Donald Trump will be elected America’s 48th president after the pro-Bitcoin independent candidate exited the ballot.
Democratic pick Kamala Harris surge ahead of Trump on the decentralized prediction marketplace has come to an end — at least for now. On-chain speculators briefly backed Harris to win in November as whispers of a crypto reset for Dems circulated.
Those odds have slipped to 48% after crypto was noticeably absent during the Democratic National Convention. A virtual town hall meant to rally crypto-native support also yielded lackluster results, widening the gap between blockchain proponents and Harris’ potential administration.
Analysts at Coinbase previously argued that pro-crypto young voters have the power to influence the outcome of the election.
Crypto in the elections
Meanwhile, rumors of RFK Jr joining Trump’s campaign, and possibly his staff, abound in the media. Trump announcing a mystery speaker at his Arizona rally slated for Aug. 23 spurred speculation about this outcome.
Both Trump and RFK Jr have tabled pro-crypto ideas, pledging to create a strategic Bitcoin (BTC) reserve if elected. RFK Jr particularly proposed increasing America’s $12 billion BTC stockpile, till the country owned 4% of Bitcoin’s 21 million supply.
🚨 RFK JR OFFICIALLY DROPS OUT.
What happens next? pic.twitter.com/3ZoCgrekmq
— Danish (@operationdanish) August 23, 2024
The outcome of November’s election remains uncertain, with nearly three months until the U.S. presidential elections. Volatility rocked national poll numbers and Polymarket odds, making picking a clear winner difficult.
While Trump seemingly gathered more supporters, one of many memecoins inspired by the former U.S. president spiked in value. Notably, Trump (MAGA) gained over 5.6% in the last 24 hours amid optimisim of Trump’s potential return to the White House.
For crypto, lobbying through super PACS like Fairshake advanced. The industry has spent over $110 million backing crypto-friendly candidates and opposing anti-crypto policies.
Industry veterans stressed that the blockchain community must remain nonpartisan if Web3’s future is to flourish. Chants to support actions over words-filled community discussions on platforms like X. Still, political leanings and industry agendas have ultimately created divides across crypto as proponents threw weight behind Trump or Harris.
