President Biden’s Democratic Nomination Faces Growing Pressure from Cryptocurrency Enthusiasts

The current US president, Joe Biden, is once again the favorite to be the Democratic Party’s nominee in the 2024 presidential election in a cryptocurrency betting market. After appearing more coherent in a televised interview on Friday night compared to the debate a week ago, Biden’s odds of being the Democratic Party nominee rose again, surpassing Kamala Harris on the predictions platform Polymarket.

The prediction market, which has been actively betting on the presidential election, shows Biden with a 42% probability of being the Democratic nominee, compared to Harris’s 39%. Michelle Obama, a former First Lady, has a 7% chance, while Gavin Newsom, the Governor of California, has a 4% chance.

Trump Remains Favorite for US Presidency in Largest Crypto Predictions Contract

Beyond the contract for the Democratic candidate, the biggest bet currently in that market continues to show a preference for former Republican President Donald Trump, with 62% probability against Biden’s 14%. While predictions in favor of the Democrat in that contract rose from 9% after his appearances on Friday in Wisconsin, he is still behind Harris with 15% probability.

Betting Market Volume Increases as US Elections Approach

The volume of the prediction market has increased this year as the US elections in November fuel enthusiasm for political betting. In June, Polymarket recorded a record of more than USD $100 million in volume.

Warning: This is an informative article. Investing in cryptoassets is not regulated in all countries and may not be appropriate for retail investors. The total amount invested could be lost. Check the laws of your country before investing.

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