Markets
Kamala topples Biden: Crypto markets surge for vice presidency as Democratic nominee
Will Biden step down? Crypto punters are betting millions on the possibility of US President Joe Biden stepping down amid concerns over his candidacy, with the leading cryptocurrency prediction market showing a 73% probability that he will withdraw from the 2024 election. And Vice President Kamala Harris has taken the lead in a direct showdown with the expected Democratic nominee.
This follows a clear and sustained call for Biden to resign, which has only grown louder since last Thursday’s troubled debate. New York Times reported On Wednesday morning, Biden told an ally that he was considering dropping out of the race, though a White House official called the story false. Even so, the report immediately led to a flurry of activity in the booming prediction market, Polymarket.
The trading platform saw Biden’s chances of withdrawing steadily increase overnight, and early Wednesday morning, jump more than 15 points between 7:30 a.m. and 8:30 a.m., from 60% to 76%, directly after the results were released. Times piece.
That figure is now 73%. On Tuesday, the president’s chances of leaving power were estimated at just 45%, among a pool of users who bet more than $10 million in total.
For the first time since polls began on the prediction market, Kamala Harris now has a 43% chance of winning the match. become the democratic candidateaccording to oddsmakers, surpassing incumbent President Biden with a 34% chance at the time of writing.
California Gov. Gavin Newsom’s chances increased slightly, from 3% to 7%, behind the 13% chance of being elected for “Other (including Whitmer)” — referring to Michigan Gov. Gretchen Whitmer — and the 8% chance of former first lady Michelle Obama being chosen.
It’s a stunning swing for Harris from Tuesday night, when, as Decrypt Her chances of becoming the nominee were reportedly just 31%, well below Biden’s 58% at the time. This change in stance not only signals a lingering lack of confidence in Biden’s ability to hold his own this fall, but also a reality check within the crypto community and prediction market users that Vice President Harris will be the realistic choice to step into the spotlight.
Elsewhere in the cryptosphere, meme coin encryption for VP, Solana The KAMA token also continued to climb in the early hours of Wednesday. After peaking at $0.0096 last night, the coin surged to $0.0185 following reported discussions within the Biden campaign.
The coin has stabilized at $0.015, while the coin’s market cap has increased to $16 million at the time of writing, indicating users’ confidence in the vice president’s chances of taking the reins of the Democratic Party in the upcoming elections.
After a disastrous week for the 80-year-old American president, Times Biden is reportedly hearing concerns about his ability to continue, with his campaign reportedly viewing an interview with George Stefanopoulos and two rallies this weekend as crucial steps to rebuilding trust among a wavering public.
However, the public outcry, fueled in part by sweeping shifts in polling on prediction markets and cryptocurrency trading, could force the president’s hand sooner than he might have hoped.
Edited by Andre Hayward
The views and opinions expressed by the author are provided for informational purposes only and do not constitute financial, investment or other advice.