[NEWS] Decentralized prediction market Polymarket predicts over 80% chance of President Biden dropping out of the election

Polymarket, a decentralized prediction market that utilizes blockchain, has found that the probability that President Joe Biden will withdraw from the presidential election has risen to over 80%. Two days ago, the odds on Polymarket were about 33%, but they have since more than doubled.

According to multiple reports, President Biden is likely to announce his withdrawal from the presidential election as early as this weekend due to increasing pressure from his party's congressional leaders and aides. There is also widespread speculation that he announced that he had been infected with the new coronavirus the other day in order to lay the groundwork for this.

President Biden's shockingly poor performance in a debate with former President Donald Trump last month has rapidly strengthened calls for him to withdraw from the election. Even in this situation, President Biden showed his intention to continue the presidential election, but it seems that he has begun to carefully consider his future after receiving criticism from both inside and outside the country.

According to ABC News, in the past week, Democratic Party leaders, including Senate Majority Leader Chuck Schumer, have asked Biden to withdraw from the race.

According to CNN, former House Speaker Nancy Pelosi told Biden that the polls show he cannot beat Republican Trump. Biden responded by saying that withdrawing from the race could destroy Democrats' chances of winning the House of Representatives.

In addition, former President Barack Obama reportedly told allies that Biden "needs to seriously consider his chances of winning reelection."

All of this is happening as the Democratic National Convention approaches. The Democratic Party will hold a convention in Chicago on August 19 to select its presidential candidate.

Media outlets have named Vice President Kamala Harris, California Governor Gavin Newsom, Illinois Governor JB Prizker and Michigan Governor Gretchen Whitmer as possible candidates.

PolyMarket users have placed a majority of bets on Harris becoming the Democratic nominee, with a 59% chance as of the 18th. Also, meme coins inspired by Biden's potential successors have risen in value in the past 24 hours.

Source: PolyMarket
Image: Shutterstock

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