Markets
Trump’s Crypto Support Boosts His Chances in Prediction Markets
As the US presidential election approaches, Donald Trump’s commitment to cryptocurrency distinguishes him from the Democratic candidate and gives him a lead in prediction markets.
Trump has openly supported the digital asset industry, promising to get the EU to operate in this field and commute Silk Road founder’s sentence Ross Ulbricht. This crypto-supportive stance is well-received by the community and stands in stark contrast to the current administration’s more reserved approach.
Prediction markets like Polymarket and PredictIt are reflecting a positive shift in Trump’s favor. Last week, Trump’s odds improved by two percentage points Polymarket, reaching 56%, while Joe Biden’s chances decreased to 37%. Similarly, PredictIt shows a slight drop in Biden’s stock, which suggests a 44% chance of re-election based on current trading prices.
The impact of Trump’s cryptocurrency-friendly policies is also visible in market activities. A notable example involves a trader who profited significantly of a Trump-themed cryptocurrency, highlighting how political endorsements can influence market dynamics.
Amidst this, TRON founder Justin Sun made a strong appeal to the cryptocurrency community to support leaders who cherish and protect their interests, emphasizing the crucial role they play as stakeholders in the digital landscape.