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Donald Trump has widened his lead over Kamala Harris on Polymarket as the 2024 US presidential election approaches.
After a period of near parity in mid-August, Trump's odds on Polymarket have increased several percentage points, with 53% of bettors in his favor compared to 47% for Harris.
The change marks a comeback for Donald Trump, whose odds plummeted after Joe Biden announced he would not seek re-election, resulting in a temporary boost for the incumbent vice president.
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Despite the rise to 53%, Trump's chances are much lower than the peak of 72% following the bitcoin 2024 conference in late July in Nashville, Texas.
Trump and cryptocurrencies
Trump's resurgence can be attributed in part to his strong appeal among cryptocurrency investors, an increasingly influential demographic in this election, according to Coinbase.
His pro-crypto stance, including promises to support the bitcoin (btc) sector and blockchain initiatives, has resonated with industry heavyweights.
On August 27, Trump announced his fourth nft collection, “Series 4: The America First Collection,” offering digital trading cards through bitcoin Ordinals. Two days later, he announced his plans to make the United States the “crypto capital of the planet” if he is reelected, referencing his initiative, World Liberty Financial.
On the other hand, Harris’ campaign has struggled to maintain momentum among Polymarket users, particularly after key events like the Democratic National Convention, where cryptocurrencies were notably absent from the discourse.
During this election season, both parties have catered to the crypto community, aiming to attract the community and its financial contributions. As a result, Polymarket election stakers have been on a roll and things are expected to get even crazier as the election season approaches.
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