As the U.S. presidential election approaches, Donald Trump’s commitment to cryptocurrency distinguishes him from the Democratic candidate and gives him a lead in the prediction markets.
Trump has openly supported the digital asset industry, promising to make the US operate in this field and to commute the sentence of Silk Road founder Ross Ulbricht. This supportive stance on crypto is well-received by the community and stands in stark contrast to the current administration’s more reserved approach.
Prediction markets like Polymarket and PredictIt are reflecting a positive shift in Trump’s favor. Over the past week, Trump’s odds have improved by two percentage points on Polymarket, reaching 56%, while Joe Biden’s odds have decreased to 37%. Similarly, PredictIt shows a slight decrease in Biden’s odds, which suggests a 44% chance of reelection based on current trading prices.
The impact of Trump’s crypto-friendly policies is also visible in market activities. A notable example involves a trader who profited significantly from a Trump-themed cryptocurrency, MAGA, highlighting how political endorsements can influence market dynamics.Â
In the midst of this, TRON founder Justin Sun has voiced a strong call to the cryptocurrency community to support leaders who appreciate and protect their interests, emphasizing the crucial role they play as stakeholders in the digital landscape.
