Crypto Goes Unmentioned in First Presidential Debate Between Donald Trump and Kamala Harris
In a highly anticipated debate on Sept. 10 in Philadelphia, United States Vice President Kamala Harris and former President Donald Trump sparred on topics ranging from the economy to foreign policy, but crypto was not mentioned in the political face off.
While many political analysts expected crypto to take center stage, it remained absent from the dialogue, as Trump’s odds of winning the election dropped by 3% on the decentralized betting platform Polymarket.
Polymarket Reflects Growing Uncertainty of a Trump Victory
Throughout the debate, Trump’s performance led to a significant shift in market sentiment. According to Polymarket data, his chances of winning the 2024 election slid from 52% to 49%, marking the first time the two candidates appeared neck and neck on the platform. Harris maintained a steady presence, which some commentators believe contributed to Trump’s declining odds. PolitiFact also noted several false claims from Trump during the debate, which may have further impacted his betting market standings.
Despite his well-documented support for the crypto industry, Trump’s debate performance did little to inspire confidence among Polymarket traders. Many in the crypto community are now watching closely to see how future debates may influence these odds.
Harris’ Potential Victory: A Blow to Crypto?
The stakes are particularly high for the crypto market, as many analysts see a Trump victory as a potential boon for digital assets. Trump has positioned himself as a champion of the crypto industry, promising to dismantle existing anti-crypto regulations and transform the U.S. into the “world capital of crypto.” According to Bernstein analysts, a Trump win could push Bitcoin’s price to new heights, possibly reaching $90,000 by the end of the year.
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In stark contrast, a Harris victory may spell trouble for the sector. Though Harris has not taken a strong stance on crypto, market analysts suggest that her election could lead to a significant downturn for Bitcoin, with some predicting the cryptocurrency could plummet to $30,000.
Adding further intrigue to the political landscape, pop icon Taylor Swift threw her support behind Harris following the debate. Swift took to Instagram, where she has over 284 million followers, to endorse Harris as a “steady-handed” leader. This high-profile endorsement could sway younger voters, many of whom are already disillusioned with the current political climate.
Though Swift did not mention cryptocurrency, her influence may indirectly affect the future of the sector, depending on how it shapes the electorate and the ultimate outcome of the election.
Crypto’s Growing Role in Political Campaigns
Even though cryptocurrency went unmentioned in the debate, its role in the 2024 election cannot be ignored. Major crypto-backed super PACs have raised significant funds to influence the election. Fairshake, the largest crypto PAC, has garnered $177.8 million, with much of its spending aimed at attacking Democratic congressional candidates.
The absence of crypto in the debate is surprising, given that the industry is pouring millions into the election. It remains to be seen whether future debates will address the topic, but the crypto community will undoubtedly be paying close attention as the election draws nearer.
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As the election approaches, the fate of the crypto industry may hinge on who takes the White House. While Trump has made sweeping promises to support the sector, Harris’ stance remains a mystery. For now, the crypto community and investors are left to speculate, with the decentralized betting markets providing one of the few real-time indicators of public sentiment.
