Crypto community brace for presidential election, upcoming debate stirs attention
|- Crypto community members have shown high anticipation toward the presidential election, with Polymarket odds favoring a Trump win.
- Analysts predict that a win for Trump could send Bitcoin's price to new highs, CNBC reported.
- Trump tokens rallied following expectations surrounding Tuesday's presidential debate.
Polymarket odds on Monday reflect growing anticipation toward the upcoming US presidential election in November, with Trump leading in the prediction market. Meanwhile, Bernstein analysts predict that this year's election may decide the fate of the crypto industry in the United States.
Presidential election stirs enthusiasm among crypto community members
Polymarket data indicates keen interest from crypto community members in a potential Republican nominee, Donald Trump's victory in the upcoming November presidential elections. Trump is leading the odds in the prediction marketplace with a 6% lead over Democrat nominee Kamala Harris.
Donald Trump has been ahead on Polymarket for well over two weeks following news of an alleged anti-crypto Harris government.
Trump has a 6% lead in the odds ahead of tomorrow's debate. pic.twitter.com/DS2AwNx1Dq
— Polymarket (@Polymarket) September 9, 2024
Trump has a 6% lead in the odds ahead of tomorrow's debate. pic.twitter.com/DS2AwNx1Dq
— Polymarket (@Polymarket) September 9, 2024
Meanwhile, Kamala Harris released fresh information today regarding her policy platform, "A new way forward." The Harris campaign stated in the platform that it plans to support American leadership in various technologies but does not mention crypto. A major focus was, however, on taxes and rate cuts.
Following the release, PolitiFi meme coins based on both presidential candidates reacted with price changes. KAMA declined over 3%, while STRUMP rallied over 17%.
Crypto community members now anticipate the presidential debate set for Tuesday, which may prove a major benchmark for the outcome of the November elections. Some members believe the debate could stir a rally for Bitcoin and the general crypto market should Trump come out on top.
Concurrently, Bernstein analysts predicted a potential price movement for Bitcoin with different election outcomes. According to a CNBC report, the analysts suggest that a Trump election win could push Bitcoin's price up $80K-90K.
Alternatively, a win for Harris could cause BTC to plummet to $40K-30K. The analysts claim that although both parties have been reached out to by the crypto industry, Trump and his campaign seem more willing to support crypto if elected.
The Republican party has been more crypto-friendly in its campaigns throughout the election process. On the other hand, Democrats have yet to fully win the trust of the crypto community.
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