Prospects of Biden dropping out of presidential race strengthen in Blockchain betting market – DiarioBitcoin
By Hannah Perez
The odds of Biden dropping out of the US presidential race rose to 80% on Polymarket following a New York Times report.
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- Cryptocurrency users now believe Biden has nearly 80% chance of withdrawing
- The New York Times reported on Wednesday that Biden could drop out of the US presidential race.
- Although the information was not confirmed, cryptocurrency users rushed to raise their bets
- More than $10 million is up for grabs in bets related to the upcoming US elections.
Cryptocurrency users are making predictions about the upcoming US presidential election, with many raising their bets on the possibility of Joe Biden dropping out of the race.
In the betting market Blockchain Polymarketthe odds of the current US president dropping out of the campaign rose to 80% on Wednesday after the New York Times published a report hinting at this possibility.
The news medium New York Times reported that a key Biden ally has said the current president would acknowledge that he may not be able to salvage his candidacy if he fails to convince the public in the coming days.
The anonymous source added that the Democrat “is still deep in the fight for re-election“with expectations of winning over the public during the events scheduled for this holiday weekend, according to the report.”He knows that if he has two more acts like that, we’ll be in a different place.“the unnamed ally said, though a White House spokesman denied the report.
The news comes after a disastrous debate last week that raised questions and concerns about the president’s cognitive abilities and his ability to serve a second term in the White House. During that debate, Biden struggled to stay on track and respond clearly to his opponent.
Bets on Biden dropping out of the race increased by more than 60% on the cryptocurrency prediction site Polymarket after last week’s debate with Donald Trump and now they’re up even more, nearly 97% in the past 24 hours. Before the debate the same bet offered a 20% chance, he noted. CoinDesk.
The bet, titled “Biden drops out of presidential race?“, has notably attracted more than $10 million from cryptocurrency users and nearly 300 comments. A second bet with $3.6 million at stake even foresees a date for Biden’s withdrawal announcement, with a 7% chance of it happening tomorrow, July 4.
In general, bets based on digital assets in Polymarket have skyrocketed in the wake of the US presidential election, causing volume on the predictions website to soar above $100 million in June.
Among other related bets, users are also playing at predicting who will win in November, with more than 60% betting on Trump’s victory, 18% on Kamala Harris and only 9% on Biden. That bet has seen more than USD $215 million in cryptocurrency raised. That is the prediction with the highest dollar volume currently in play.
In fact, most of the bets currently trending on the platform are political or related to the US presidential election, although there are also sports predictions, price predictions for major cryptocurrencies, and more.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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