Cryptocurrency Traders Betting on Trump's Return to the White House
10
World
November 6, 2024 05:10
amsterdam - Cryptocurrency traders are increasingly confident that Donald Trump will return to the White House as preliminary election results come in, leading to a surge in betting markets favoring the former president.
Cryptocurrency traders are becoming more and more certain that former President Donald Trump will make a comeback to the White House as initial election results start to trickle in. PredictIt, a platform where you can buy 'shares' between 1 and 99 cents, was selling a 'share' of Trump at 87 cents. Similar platforms like Robinhood, Smarkets, and Interactive Brokers were showing the same percentages.
Amidst the uncertainty surrounding the election outcome, the price of Bitcoin has started a rally towards an all-time high. Since this summer, Trump has emerged as a vocal supporter of cryptocurrency, aiming to make the United States the 'crypto capital of the world' and a 'bitcoin superpower' if he returns to the White House in November. The last 24 hours saw the digital currency surge by over 5,000 euros in value.
Although the betting sites have faced criticism for potentially influencing public opinion, the sudden spikes in Trump's odds coincide with major bets being placed, such as a $50 million bet on Polymarket believed to have been made by a Frenchman earlier in October.