The reelection prospects of Joe Biden for the 2024 U.S. presidential election have recently taken a significant hit on the decentralized predictions market platform Polymarket.
Biden’s odds of winning fell to a mere 9% on the platform, sparking intense speculation about the possibility of Vice President Kamala Harris replacing him as the Democratic candidate.
Although chances of Joe Biden have seen a slight uptick to 10%, these figures highlight the growing uncertainty surrounding his campaign.
The Decline in Joe Biden Reelection Odds
Former President Donald Trump, who vies for the Republican nomination, currently stands as the frontrunner with a commanding 61% chance of victory, according to Polymarket. Meanwhile, Kamala Harris has emerged as the second most likely candidate, with odds of 19%.
PredictIt, another popular prediction platform, mirrored this trend. Biden’s share prices on PredictIt dropped from $0.25 to $0.20, indicating the loss of confidence among traders.
Harris has now taken the lead as the preferred Democratic candidate, although Trump’s “Yes” shares hold the highest value at $0.58.
The decline in Biden’s reelection odds coincides with increasing concerns about his fitness for a second term. Media reports and commentators have raised questions about his health and cognitive abilities.
These worries became amplified following a recent White House meeting where Biden reportedly made a joke about his mental state. He noted that while he feels fine, he is not confident that his brain feels the same way.
Further fueling doubts, Biden made a significant mistake during a radio interview the next day. He incorrectly stated that he was the “first black woman” to serve as U.S. President. This misstatement has been widely shared on social media, adding to the scrutiny of his candidacy.
As a result, Polymarket now suggests a 66% chance that Biden will drop out of the race before the November 4 election. In such a scenario, many see Harris as the most likely Democratic candidate to challenge Trump.
Despite mounting pressure and speculation, Biden has repeatedly asserted his intention to stay in the race. In an Independence Day speech at the White House on July 4, he declared that he was not going anywhere, indicating his adamancy in leaving the political race.
During the first Presidential Debate on June 27, neither Biden nor Trump discussed Bitcoin or other digital assets. The final Presidential Debate scheduled for September 10 will reveal whether both candidates will address these topics.
Digital Assets Take Part in the Drama
Meanwhile, the upcoming U.S. presidential election is becoming one of the most unpredictable. This comes as issues surrounding digital assets regulation further intensify the scene.
Unlike what was obtainable in past election cycles, the prospective one has seen politicians supporting it with blockchain matters and crypto assets.
Former President Donald Trump has declared his intention to be the “crypto president,” signaling strong support for the digital asset space.
Also, on the Democratic side, participants have shown interest in virtual currency reform legislation.
Adding to the events, on June 24, Carole House made a significant career move. House was responsible for authoring President Joe Biden’s executive order to create a regulatory framework for digital currencies.
She left her primary role as a crypto adviser at the New York Department of Financial Services to return to the White House. This development has been met with considerable attention and speculation within the system.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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