[NEWS] Harris overwhelms Trump on Polymarket

US Vice President Kamala Harris has surpassed former President Donald Trump in predictions for the 2024 presidential election on the cryptocurrency-based decentralized prediction platform Polumarket.

Harris' chances of winning rose dramatically over the weekend, reaching 52% compared to 45% for cryptocurrency-supporting Trump.

After President Joe Biden announced his withdrawal from the presidential race, Harris suddenly jumped to the top of the polls, overturning Trump's large lead of 70% in mid-July. Trump's predictions of winning the presidential election have plummeted from 70% to 45%.

Harris also narrowly beat Trump in a New York Times poll conducted in early August in three battleground states in the Rust Belt, which is key to the presidential election. In the three states of Michigan and Wisconsin in the Midwest and Pennsylvania in the East, Harris' approval rating was 50% compared to Trump's 46%.

Predictions of the US election results are currently the largest prediction market on PolyMarket, with trading volume reaching $572 million.

"Kamala Harris has taken a 6% lead over Trump," PolyMarket tweeted on X.

PolyMarket, known for its accurate predictions based on users' real bets, has recorded a significant increase in bets in support of Harris.

Behind this change was an aggressive campaign by Harris supporters in the cryptocurrency industry.

The Harris camp is trying to get involved in the biggest debate in the presidential election and is actively lobbying cryptocurrency-related companies.

Crypto Investors Get Supporting

Influential figures such as Mark Cuban, owner of the NBA's Dallas Mavericks, and Anthony Scaramucci, founder of SkyBridge Capital, who are supporting Harris, are planning to participate in a virtual event this week featuring crypto industry leaders to support Harris' campaign.

To further mobilize voters and strengthen fundraising efforts, they have launched a support group called "Crypto for Harris."

Harris' rise on Polymarket reflects not only a dramatic shift in public opinion, but also an increase in crypto users' interest in politics. 

Polymarket predictions can be wrong 

However, Polymarket's veracity has been called into question recently when it erroneously announced opposition candidate Edmundo Gonzalez as the winner of the Venezuelan presidential election. 

This also means that the official election results may differ despite predictions made on the platform in Harris' favor. Crypto users should therefore remain vigilant and not rely solely on these predictions. 

Nonetheless, Harris' rise in the polymarket could be an important indicator of how the 2024 presidential election will play out.

Reference: Polymarket
Image: Shutterstock

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