Donald Trump is back to shilling shitcoins and NFTs again; Kamala Harris is encouraging black men to buy crypto.
No going back from here. We might see a $150k top this cycle, at least.
Meanwhile, as Donald Trump’s odds for a 2024 comeback rise – with Polymarket listing him ahead by 20 points – Bitcoin’s value is climbing, sparking interest in how politics intertwines with digital currency.
Here’s where we believe this election and Bitcoin are heading next.
Donald Trump’s Rising Election Odds and Bitcoin’s Surge
Polymarket, the decentralized prediction platform, has been instrumental in monitoring Trump’s election odds. As his chances hit 60.2%, Bitcoin surged over 10%, breaking $68,200 for the first time since July.
This unexpected correlation suggests the crypto market might be more attuned to political shifts than acknowledged, raising speculation about Trump’s potential impact on blockchain and crypto policies.
For every 1% rise in Trump's probability of winning, #Bitcoin price rises by 1K. 👀 pic.twitter.com/kgLtWNuq21
— Thomas | heyapollo.com (@thomas_fahrer) October 16, 2024
Trump’s transformation from crypto critic to advocate marks a strategic pivot. He’s now the crypto crowd’s go-to candidate for the next election, a stark shift mirrored by his campaign’s embrace of digital currency donations.
This new stance has raked in significant crypto contributions, with a pro-Trump PAC reporting $7.5 million raised, underscoring digital assets’ growing clout in politics.
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The Pro-Crypto Candidate
Trump’s election odds rising alongside Bitcoin’s value hints at a wider impact on the crypto market. It underscores how politics can nudge investor sentiment and market behavior.
With the Crypto Fear & Greed Index moving to “greed,” the influence of market psychology on prices has become clear. Moreover, the crypto sector’s hefty donations to Trump showcase the importance of supportive crypto regulations.
We’re happy, however, that Kamla and her camp made a pivot towards crypto and hope other Democrats do the same. If Trump does win, there will be a whole list of reasons why:
- Kamala came into an election with three months to campaign- having never run a national election.. she rode off of the astroturf the first month. Now that she’s campaigning, it has been underwhelming.
- Hurricane debacles have been a poorly timed headline for her.
- Pro-tech candidate JD Vance has proven capable, and Walz has been a blunder.
- Lastly, we’re on the precipice of a major war in the Middle East
For investors and political analysts alike, keeping an eye on Polymarket will provide valuable insights into who wins in November. Only three more weeks until this mess is over; cheers to that!
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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