According to data from the cryptocurrency gambling platform Polymarket, some cynical cryptocurrency investors have wagered almost $7 million that President Joe Biden will withdraw from the race due to his performance during the first presidential debate.
As of this writing, wagerers have staked $7,192,250 on the 43% chance that Biden will withdraw from the presidential contest.
On Polymarket, bets totaling over $23 million have been made on former president Donald Trump to win the 2024 presidential contest. On Polymarket, bettors are wagering that Trump has 64% of the advantage over Biden, while Biden’s odds are 16%. More than $21 million has been wagered on cryptocurrency by the incumbent in support of his win.
The cryptocurrency gamblers estimate that other presidential candidates, such as Robert F. Kennedy, Jr., have invested about $9.5 million on their chances of winning; RFK Jr. has a 2% probability of winning.
The performance of Biden and Trump during Thursday’s presidential debate has drawn harsh criticism on Polymarket in the past 24 hours, with one user writing, “It’s so Joever… what a horrible debate for Biden.” Another person commented before the debate, saying, “If Trump doesn’t win, I’ll stop eating meat.”
The website is also taking wagers on whether the Biden administration will give in to the cryptocurrency sector by allowing donations in cryptocurrency. By doing this, Trump’s campaign—which started collecting donations in the form of bitcoin, ether, and Dogecoin last month—would essentially lose its initial buzz. Additionally, a significant promise made by Trump’s reelection campaign is to outlaw central bank digital currencies (CBDCs). It is unclear how the electorate would react despite the Biden administration’s recent softening of its stance on digital currency.
