Polymarket users are increasingly confident that Democratic candidate Kamala Harris will become president following a key announcement. Polymarket bettors placed more wagers on Kamala Harris defeating former president Donald Trump in the upcoming election after she selected Minnesota governor Tim Walz as her Vice President.
The odds of Kamala Harris winning this yearβs presidential election reached an all-time high of 46% on Polymarket after Democrats introduced the crypto-skeptic running mate. The βPresidential Election Winner 2024β bet is by far Polymarketβs largest election prediction pool, with over $508 million spent on buying what the platform calls outcome shares. Shares tipped in Trumpβs favor traded for 53 cents, indicating a 53% chance of a Republican victory. Over $64.7 million in bets were placed on this outcome against $50.8 million in wagers on Harris.
Although Harrisβ odds increased after picking Walz, the Minnesota governor has not shown a pro-crypto stance. Conversely, as VanEckβs head of digital asset research, Matthew Sigel, pointed out, Walz has pressed for stricter crypto regulatory policies to protect Americaβs economic and financial stability. Crypto social media sentiment seemed to regard the move as bearish since Walz has scrutinized digital assets or avoided commenting on the industry altogether.
After President Joe Bidenβs regime oversaw the longest crypto crackdown, a growing voter bloc may seek a different approach from the White House. The industry is somewhat divided between Trumpβs Bitcoin promises and the chances that a potential Harris-led administration may reconsider its interaction with the burgeoning crypto ecosystem by repairing ties.
VP Pick Governor Tim Walz of MN has advocated for stricter crypto regulations to ensure the financial systemβs security & stability and protect consumers from potential fraud & abuse.
Explore more news on Global Crypto News for the latest updates on the 2024 presidential election and its implications for the cryptocurrency market.