Trump Reestablishes Lead Over Kamala Harris In Presidential Odds On Crypto-Based Prediction Market

Former President Donald Trump is back in the lead against Democratic rival Kamala Harris on the popular cryptocurrency-based betting platform, Polymarket.

What happened: Bettors on the so-called world's largest prediction market foresee a 52% chance of Trump winning the November elections, against Harris' 47% as of this writing. 

For much of last week, the betting odds of the two candidates were even. However, the situation tilted in favor of the Republican hopeful as September began.

Trump’s odds hit an all-time high of 72% in mid-July. However, President Joe Biden’s withdrawal from the race and Harris’ elevation to the Democratic presidential ticket caused a dramatic shift in sentiment.

In fact, Harris edged out Trump in betting odds for the first time last month. 

Polymarket, built atop Ethereum's (CRYPTO: ETH) Layer-2 chain, Polygon (CRYPTO: MATIC), has emerged as one of the world’s top prediction markets for U.S. elections in the last few months. 

As of this writing, more than $780 million in bets have been placed for the election outcome. 

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Why It Matters: Trump's lead came amid his plans of making the U.S. the "crypto capital of the planet" and promotion of his family-backed cryptocurrency project, World Liberty Financial.

On the other hand, Harris hasn't talked about cryptocurrencies and digital assets in any of his public statements, though Democratic supporters have launched a "Crypto for Harris" campaign to counter Trump's outreach.

Price Action: As of this writing, Trump-themed PolitiFi token Maga was exchanging hands at $3.32, up 8.69% in the last 24 hours, according to CoinMarketCap. Interestingly, Harris-themed cryptocurrency Kamala Horris was also up over 12%. 

Image via Shutterstock

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