The race for the next President of the United States has intensified, narrowing down to two major contenders: Donald Trump representing the Republican Party, and Kamala Harris, who stepped in following Joe Biden’s early departure. Various polls have been employed to project the probable victor of the 2024 general elections.
Adding a twist to the narrative, tech magnate Elon Musk has publicly backed Trump, suggesting that Polymarket, a decentralized prediction market platform, offers a more precise forecast than conventional polls. Musk argues that Polymarket genuinely reflects public sentiment, as participants have actual financial stakes in the outcome.
Current data from Polymarket indicates Trump leading Harris by approximately 3 percent. The platform reports over $311 million in trading volume favoring Trump, compared to about $256 million for Harris.
Musk Remains Committed to Ensuring Trump Wins
Elon Musk, having endorsed Trump for the presidency, is leveraging his considerable influence to rally voters, particularly in pivotal swing states. Earlier today, Musk announced that his America PAC would provide $47 to each registered voter in swing states for referring another voter to sign a petition advocating for free speech and the right to bear arms.
“The goal is to mobilize 1 million voters in swing states to demonstrate their support for free speech and the right to bear arms,” Musk stated, highlighting his strategic push to sway the election in favor of his preferred candidate.
Bigger Picture
With over 50 million American voters actively engaged in the digital realm, the influence of cryptocurrency is poised to be a pivotal issue in the forthcoming U.S. general election. The Biden administration, particularly the US SEC, has faced criticism for its regulatory approach towards the crypto industry, often perceived as heavy-handed enforcement.
Notably, the US SEC recently apologized in court for its use of the term ‘crypto securities’ without a solid basis. Nevertheless, the agency continues its pursuit of crypto companies, including Ripple Labs, for allegedly offering unregistered securities.
In contrast, Donald Trump has vowed to advocate for the crypto sector, starting with the dismissal of Chair Gary Gensler, and proposing the establishment of a dedicated crypto committee within his administration. As part of his campaign promises, Trump has also pledged to commute the double-life sentence of Ross Ulbricht, should he be elected. This bold stance on cryptocurrency marks a significant divergence from the current administration’s policy and could potentially reshape the digital currency landscape in the United States.
