Former President Donald Trump has gained a slight edge over Vice President Kamala Harris in betting markets for the 2024 presidential election, with Polymarket exhibiting him forward 53.7% to 45.6%.
The margin, whereas slender, marks the first time Trump has taken the lead since Harris was nominated by the Democratic occasion after President Joe Biden withdrew from the race.
As of Oct. 7, over $1.4 billion has been wagered on the end result of the race on Polymarket alone.
‘Extra correct than polls’
Aggregated odds from numerous platforms additionally present Trump main Harris, together with a projected 281-257 electoral faculty lead.
These betting tendencies have sparked debate over their predictive energy, particularly after Tesla CEO Elon Musk endorsed Trump at a Pennsylvania rally. He additionally highlighted the current lead and stated that prediction markets are a extra “correct” measure of the present sentiment amongst voters.
Musk stated in a social media submit:
“Trump now main Kamala by 3% in betting markets. Extra correct than polls, as precise cash is on the road.”
US courts not too long ago dominated in favor of prediction markets and dominated that betting on main political occasions just like the presidential elections was authorized, which has given a major increase to platforms providing such markets.
Nevertheless, as Election Day nears, political analysts warning towards over-reliance on betting markets, which, whereas reflective of present sentiment, usually are not proof against last-minute shifts.
Bitcoin outlook
A current Bernstein report steered that Bitcoin may surge to between $80,000 and $90,000 if Trump wins, due to his help for digital property and his promise to bolster the US as a frontrunner within the crypto trade.
Alternatively, a Harris victory may see Bitcoin commerce between $30,000 and $40,000, reflecting her extra cautious stance on the trade.
In the meantime, Commonplace Chartered has projected a Bitcoin rally whatever the winner, although the financial institution sees a better rise — as much as $125,000 — if Trump takes workplace, in comparison with $75,000 underneath Harris. The sentiment is echoed within the wider crypto trade, with many anticipating a extra favorable regulatory atmosphere underneath Trump.
Trump’s insurance policies, together with aggressive tax cuts, are anticipated to swell the nationwide deficit, additional elevating inflation and boosting Treasury yields. Analysts recommend that this might create an ideal storm for Bitcoin’s progress, positioning it as a hedge towards inflation and market uncertainty.
