Crypto traders place bets on what Trump will say during the debate

The debate in Atlanta between Joe Biden and Donald Trump tonight has a good chance of becoming the most fateful presidential debate in American history. Diplomats in Washington and the crypto community are eagerly planning to tune into the first presidential debate in 2024.

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While global citizens await to see the future of the most powerful nation in the world, the crypto community has taken power into their hands. Crypto traders have placed bets on “What will Trump say during the debate?”

Trump set to debate Biden tonight

For the first time, a sitting president and an ex-president will face off in front of millions of viewers, and it will take place much sooner than usual – even before the party conventions. A current president has never debated his predecessor, and the hostility between the two men will be evident on the CNN debate stage in Atlanta.

Source: CNN

Trump never conceded the 2020 election to President Biden, and days after his supporters invaded the US Capitol, he defied precedent by declining to attend Biden’s inauguration.

The debate takes place at a time when many Americans are looking for relief from rising prices that have made it difficult to feed their families and afford rent, mortgages, and new cars. It is taking place amidst a heated national debate over abortion access, sparked by Trump’s conservative Supreme Court majority.

In addition to foreign and internal American affairs, crypto has become a conversation in this presidential run. This is the first time the crypto sector is pushing and bracing for President Biden and former President Donald Trump to bring it up.

Crypto hopes for a mention in tonight’s debate

Biden and Trump have different stands on crypto. Trump has shown unending support and opened political donations to come in BTC. The Winklevoss twins have poured millions into Trump’s campaign. 

The crypto advocacy group Stand With Crypto has set up an online letter-writing campaign to encourage CNN to include discussions about crypto. A spokesperson for the group stated on Wednesday that nearly 2,300 individuals had signed and submitted letters expressing their desire to ask a question related to crypto.

A “crypto/Bitcoin” bet on Poly markets gives a 48% chance that Trump and Biden will delve in the matter.

Source: Polymarket

Trump has become a strong advocate for U.S. crypto mining and has expressed opposition to the U.S. implementing a central bank digital currency (CBDC). He aims to differentiate himself from Biden’s approach of taxing miners and his administration’s focus on studying CBDCs.

 Polymarket bets on tonight’s debate

CNN will host the 90-minute debate, which will start at 9 p.m. Eastern. However, the crypto industry has begun betting on what will happen in the debate.

Some of the bets are around ‘fake news, dementia, crypto/Bitcoin, sleepy Joe, Hunter, Putin, MAGA, rigged, and Obama. 

Polymarket records that “This market will resolve to “Yes” if Trump says “Fake News” at any point during the first in-person presidential debate in the 2024 election cycle. Otherwise, the market will resolve to “No.” If no in-person debate happens before election day, this market will resolve to “No.”

Source: Polymarket

The bet entity adds that “any usage of the phrase regardless of context will count toward the resolution of this market.”

Other than the debate tonight, there are bets on “Presidential Election Winner 2024.” There is a total of $22.5 million bet (60%) chance that Trump will win the elections. On the other hand, Biden’s chance stands at 34% with $21 million bets in total.

There is also a bet on “Biden drops out after debate?” Polymarket adds that “This market will resolve to “Yes” if President Joe Biden officially announces his withdrawal or is confirmed to have withdrawn from the 2024 US presidential race between the start of the first presidential debate (currently scheduled for June 27, 2024) and July 4, 2024, 11:59 PM ET.”

Cryptopolitan Reporting by Florence Muchai