Speculators Suffer Losses Betting on Trump and Harris Debate Involving Bitcoin and Crypto
During the recent presidential debate between Donald Trump and Kamala Harris, the absence of any mention of Bitcoin or cryptocurrency left Polymarket bettors disappointed. The debate failed to bring up these topics, causing losses for those who had placed bets on the possibility of a reference to crypto during the high-stakes event.
Bettors on the Polymarket platform had placed significant wagers, with approximately $217,000 and $502,000 staked on whether Trump or Harris would discuss Bitcoin or crypto during the debate. Prior to the debate, Trump had a 26% chance of mentioning crypto compared to Harris’ 9%, as predicted by the bettors.
While Polymarket has become a popular tool for predicting election outcomes, this was not the first time bettors lost money hoping for a discussion on Bitcoin or crypto during a debate. In a previous matchup between Trump and Joe Biden, there was a 57% chance that Trump would mention crypto, leading to substantial bets on the topic.
The crypto industry has been actively involved in supporting crypto-friendly political candidates for the 2024 elections. Harris has maintained a neutral stance on crypto regulation since the start of her campaign, while Trump has embraced the title of a “crypto president.”
Advocacy groups like Stand With Crypto had hoped for a mention of Bitcoin or crypto during the debate and encouraged digital asset owners to reach out to the debate’s host, ABC, to include a question on crypto in the discussions.
Despite the lack of a prominent political moment for Bitcoin and crypto during the debate, there have been instances, such as Trump’s speech at the annual Bitcoin Conference in Nashville, that highlighted the industry’s presence in the political arena. Harris’ team indicated openness to another televised debate, potentially offering another opportunity for the crypto community to push for a discussion on these topics.
Overall, the absence of any discussion on Bitcoin and crypto during the recent debate underscores the ongoing efforts of advocacy groups and the crypto community to bring these topics to the forefront of political discourse.
