Polymarket Bets Favor Kamala Harris as Trump’s Crypto Star Dims

• Forecasts regarding the upcoming US elections are shifting.
• The crypto industry is becoming an integral factor in the ongoing presidential campaigns.
• Donald Trump’s future is uncertain as Harris intensifies crypto-focused strategies.

The past few months have seen crypto and the upcoming United States elections become almost synonymous as more candidates turned to the industry to solicit support. Presidential hopeful Donald Trump led the charge, adopting a self-proclaimed “Crypto president” label with promises to implement industry-fostering policies if elected.

While his efforts quickly won him favor within the industry, things may now be taking a turn as contender Kamala Harris threatens his place.

Trump vs Harris: Crypto President Showdown

Kamala Harris, the current Vice President and Democratic Party candidate for the upcoming US presidential elections, has recently surpassed Trump on the Polymarket 2024 election forecast.

Over the weekend, Harris’ odds of winning soared to 52%, overtaking Donald Trump by a 6% lead. On the other hand, Trump, whose odds sat at an impressive 70% just over a month ago, has seen his chances decline significantly to its current 46%.

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The surge and drop in Kamala Harris’s and Trump’s respective odds are not isolated. The former is ramping up efforts to overtake Trump in the race for the crypto industry’s support since replacing Biden as the Democratic candidate. 

The increased efforts have seen the Vice President turn to crypto-centric strategies amid her ongoing campaign, including the launch of a crypto-centric advocacy group.

‘Crypto 4 Harris’ Takes on Trump

The Democrats have recently unveiled ‘Crypto 4 Harris,’ an advocacy group seeking to place Harris within the industry’s graces as crypto’s influence in the intensifying presidential race becomes impossible to ignore.

The group, which was unveiled earlier in the month and comprised industry participants and policy experts, is described as a “network of crypto advocates organizing, fundraising and developing a nuanced crypto-policy approach for the Harris for President campaign.”

The advocacy group marks a significant shift from the anti-crypto stance adopted by the Biden-Harris Democrat administration, which has always taken a firm stance against the asset class and faced criticism for supporting regulatory policies seen as harmful to the industry.

Kamala Harris has also reportedly hired David Plouffe, an industry-savvy official and former member of the Binance Global Advisory Board, as part of her presidential campaign team. 

On the Flipside

• Trump’s sons, Eric and Donald Trump Jr, have recently joined their father’s pro-crypto campaign.
• Unlike Trump, Kamala Harris has not been particularly vocal about a pro-crypto agenda or openly offered support to the asset class. In July, she refused to give a keynote speech at the Bitcoin conference in Nashville despite receiving an invitation from the community.
• BTC slipped below $60,000 upon Harris overtaking Trump on Polymarkets and is trading at $59,734 at press time.

Why This Matters

Regardless of the tussle between presidential candidates Harris and Trump, the crypto industry’s focus remains to ensure pro-crypto U.S. government leadership. This underscores the need for election hopefuls to avoid fostering their agendas with empty promises for the asset class, as the industry’s future hinges on genuine support.

Read this article for more about the crypto campaign by Donald Trump’s sons:
Trump Family Warns of Unofficial Crypto as Teaser Continues