Originally published on: September 11, 2024
The recent face-off between United States Vice President Kamala Harris and former President Donald Trump on September 10 raised eyebrows as the contentious debate failed to touch upon the hot topic of cryptocurrency. However, the repercussions of the debate reverberated through the political betting arena, especially on the decentralized platform Polymarket, where Trump’s chances of clinching the election faltered by 3%.
Economy, Abortion, Immigration, and Foreign Policy Take Center Stage
During the debate, which took place in Philadelphia, the spotlight was on the economic policies, abortion rights, immigration reforms, and foreign policy strategies proposed by the two presidential contenders, Kamala Harris and Donald Trump.
Shift in Election Odds on Polymarket
As the debate unfolded, Polymarket witnessed a significant shift in Trump’s election odds, plunging by 3% and leveling the playing field between the two candidates, with both standing at 49% on the betting platform.
Harris Holds Ground as Trump Falters
Throughout the debate, Harris maintained her poise while prodding Trump, who, at moments, seemed visibly perturbed, resorting to a barrage of unfounded statements, as verified by data from the fact-checking agency PolitiFact.
Taylor Swift Endorses Harris Post-Debate
Following the debate, pop sensation Taylor Swift publicly endorsed Harris, citing the Vice President’s composed demeanor during the showdown as a defining factor in her decision to support her as a “steady-handed” leader.
Cryptocurrency’s Future Hinges on Election Outcome
Analysts speculate that the short-term trajectory of the cryptocurrency market, particularly Bitcoin’s price action, is closely intertwined with the outcome of the impending election. A Trump victory is anticipated to propel Bitcoin’s rally to highs nearing $90,000, as indicated in an investment note by Bernstein analysts.
Trump’s Pro-Crypto Stance Versus Harris’s Unknown Cryptocurrency Policies
Trump’s ambitious pledges to dismantle President Joe Biden’s perceived anti-crypto stance and champion the crypto sector by positioning the U.S. as the global hub of cryptocurrency contrast with the uncertainties surrounding Harris’s official stance on cryptocurrency.
Crypto’s Absence in Debate Amidst Massive Industry Funding
The omission of cryptocurrency from the debate takes place against the backdrop of three crypto-supported super PACs amassing over $202 million from major industry stakeholders to influence the upcoming elections significantly.
Betting Market Aligns with Polling Data
Following the debate, the betting market odds on Polymarket now closely mirror the national polling figures, with Harris leading Trump by 2.7 percentage points. Polling averages suggest Harris currently maintains a 47.1% edge over Trump’s 44.9%.
Voter Priorities Shift Away from Crypto
Recent Gallup polls have highlighted that the American electorate prioritizes concerns such as the economy, inflation, governance, and immigration over discussions around cryptocurrency, signaling a broader spectrum of issues influencing voter decisions.
Trump’s Allegiance to Crypto Amidst Presidential Aspirations
While Bitcoin enthusiasts appeared to rally behind Trump since Bitcoin ’24, there are growing concerns about the risks associated with the cryptocurrency as the political landscape evolves.
