As of October 16, 2024, Donald Trump is holding a notable lead over Kamala Harris in the decentralized prediction market, Polymarket. Currently, Trump has garnered 58.5% of the bets placed, compared to Harris’s 41.3%. This development highlights a significant 17-point advantage for Trump in the prediction markets.
Fluctuating Support for Both Candidates
Both Trump and Harris have experienced fluctuations in their levels of support in recent times. However, Trump’s position has seen a notable strengthening in the days leading up to this update. On the other hand, traditional national polls present a different narrative, indicating a much closer race with Harris holding a slight two-point lead.
Trump’s Rising Popularity Near Election Time
The surge in support for Trump comes at a critical time, just weeks before the upcoming election. In response, Harris has initiated a digital asset protection campaign specifically aimed at Black male voters. This effort is a strategic move to counter Trump’s outreach to this demographic. Her campaign is focused on establishing a fair regulatory framework for digital asset investors.
Trump’s Cryptocurrency Initiatives
Trump, known for his evolving stance on cryptocurrencies, has recently introduced a cryptocurrency token through his platform, World Liberty Financial. Despite facing criticism and being labeled as a potential pump-and-dump scheme, this initiative marks a significant shift in Trump’s approach to digital currencies. The platform’s website encountered technical issues shortly after launch, and currently reports only 9,000 token holders.
Trump’s Evolving Stance on Cryptocurrencies
Back in 2019, Trump openly expressed his disapproval of cryptocurrencies, including Bitcoin. However, his stance appears to have softened over time. Recently, Trump has even proposed the ambitious idea of transforming the United States into the “crypto capital of the world.” His main crypto-related proposals include:
Replacing SEC Chair Gary Gensler
Trump has suggested replacing Gary Gensler, the current SEC Chair known for his stringent approach to crypto regulation, with someone more favorable towards the crypto industry. This move aims to ease restrictions and foster innovation within the sector.
Creating a U.S. Bitcoin Reserve
Another of Trump’s proposals involves requiring the Federal Reserve to hold Bitcoin as a reserve asset, akin to gold. This initiative seeks to enhance the country’s strategic assets and embrace the growing influence of digital currencies.
Blocking a Central Bank Digital Currency (CBDC)
Trump has voiced opposition to the creation of a digital dollar by the Treasury, arguing that it could potentially undermine the decentralized essence of cryptocurrencies. This stance reflects his commitment to maintaining the independence of digital assets.
