The heat is on, and the odds are flying high in the United States political space, with crypto being a key driver of the pre-election momentum. Since President Joe Biden announced that he will not be seeking reelection, the chances that a Democratic party candidate will return as president of the United States has more than doubled. All thanks to vice president and potential candidate Kamala Harris, the odds have gone from 18% to 38%.
However, while these changes are eye-catching enough, Harris’ recent gains in the Polymarket polls pale in comparison to that of Trump.
Trump Leads
Unlike Trump’s bettors, who show more conviction, the people backing a Democratic win are just entering the market and appear to be small in number. Whereas those who believe in a Trump win appear to be going all in.
As of publication, the top five holders of the ‘Yes’ side of Trump’s contract hold a collective 9.1 million shares. That is, as opposed to the 4.7 million shares held by the top five holders on Harris’ side. The bets, so far, also show an interesting twist as the biggest holder of the ‘Yes’ bet of the Trump contract is also the biggest holder of the ‘No’ side of the Harris contract. This means that, in the event that Trump wins, this individual, identified as ‘Larpas,’ would go home with $3.38 million.
Overall, stakers have placed $423 million on the outcome of the presidential race.
How Crypto is Mixing With Politics
As earlier reported by UEEx, November’s election bears an unspoken undertone of crypto. That is because a large percentage of the crypto community believe that a vote for Trump is a vote for the crypto industry.
Moreover, Polymarket is about to introduce leverage trading, a move that is set to turn the betting market on its head. With leverage trading, traders can open bigger positions and chase higher returns.
Meanwhile, this upcoming shift mirrors strategies already popular in other trading spheres and was a key selling point for PoliFi tokens. However, with many of these tokens currently struggling, the real question is whether this new feature will reignite enthusiasm in the asset class or fall flat. As traders brace for potentially amplified gains, the spotlight is now on Polymarket to see if this bold step will drive a fresh wave of interest.
