Vice President Kamala Harris’ odds of winning the US presidential election reached an all-time high at 54% on Polymarket, with the Democrat representative now holding a 10% lead over former President Donald Trump.
Nevertheless, Trump holds the largest amount of bets, with over $75.6 million in cash, believing that he will return for a second term. Meanwhile, bets on Harris amount to $66.5 million.
Harris’ odds on Polymarket have been on the rise since many Democrat voices started showing support for crypto. Senate Majority Leader Chuck Schumer and other prominent Democrats expressed strong support for crypto during the Crypto4Harris event on Aug. 14.
At the occasion, Schumer highlighted the importance of regulatory clarity and bipartisan collaboration to shape the industry’s future.
On the other hand, Trump’s odds are at their lowest level since Apr. 25. In a recent interview with Elon Musk, the Republican candidate did not mention or discuss crypto or Bitcoin, despite users on Polymarket betting over $1.3 million on it.
Favorable for crypto
Asset management firm CoinShares recently published a report on the potential impacts of both Trump and Harris’ presidencies on the US.
Although Trump has expressed strong support for the crypto industry in the US, the fiscal conservatism shown during his term as president could negatively impact the Bitcoin price if it were to be repeated.
The report highlighted:
“Overall, Trump’s presidency could create a mixed but potentially advantageous landscape for Bitcoin.”
Meanwhile, despite an unclear stance toward Bitcoin and the crypto market, Harris already shows a more balanced approach to the industry than the Biden administration.
Thus, even though signs suggest that a Trump presidential term would be more favorable to crypto than a Harris term, CoinShares analysts believe that this outcome “remains to be seen.”
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