Crypto Backing Boosts Donald Trump’s Odds in US Election 2024

Donald Trump’s odds for the 2024 U.S. presidential election are stronger than ever, particularly on Polymarket, a decentralized prediction platform where he’s ahead of Kamala Harris by 16%. His pro-crypto stance and involvement in decentralized finance (DeFi) are gaining traction, especially among cryptocurrency supporters.

But what’s driving this surge, and could it signal a turning point in the race? More importantly, what can we expect from the markets?

Trump Takes the Lead!

At the start of this week, Trump’s odds of winning began climbing quickly on Polymarket. He currently has a 58.3% chance of victory, while Harris is at 41.5%. The betting activity on the platform is enormous, with wagers on the U.S. election totaling $1.9 billion. Earlier, on October 3, the race was much closer, with Harris at 49.7% and Trump at 49.5%.

It’s important to remember that these predictions show public sentiment, but the national polls tell a slightly different story. According to FiveThirtyEight, Harris is ahead by 2%, with odds of 48.5% compared to Trump’s 46.1%.

This raises the question: Are Polymarket users biased toward Trump? Experts suggest that with real money on the line, bets are often based on expected results rather than personal preferences.

The Candidate of Choice for Crypto Investors

Trump’s support for cryptocurrencies has sparked growing enthusiasm, especially since he began backing the digital asset sector. His endorsement of World Liberty Financial (WLFI), a new DeFi project, has earned him praise from crypto investors. The project recently sold about 710 million tokens, raising $10 million, which may have helped boost his odds on Polymarket.

The Republican candidate has openly discussed plans to support Bitcoin and other cryptocurrencies in the U.S., appealing to many in the crypto community.

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What to Expect Ahead

With just 19 days left until the election, anticipation is rising as the contest between Trump and Harris intensifies. While Trump has strong support from crypto enthusiasts, Harris is focusing on regulations and reaching out to minority investors.

The outcome remains uncertain, but one thing is clear: the race for the presidency is still very much in play.

As the race tightens, will Trump’s pro-crypto stance seal the deal? Share your thoughts.