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Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid

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The odds of Donald Trump winning the 2024 presidential elections soared to an all-time high on a cryptocurrency-based prediction market after the ex-President survived an assassination attempt during an election rally.

What Happened: The so-called world’s largest prediction market, Polymarket, saw the chances of Trump securing another term bump to 70% Sunday.

The election odds were around 40% at the start of the year and gradually rose to 53% in February, before going downhill in subsequent months. 

However, bettors began to rally for him as the presidential hopeful dramatically amped up his pro-cryptocurrency since mid-July.  

The odds of incumbent Joe Biden returning to office are at 18% at the time of writing.

See Also: SEC Ends Investigation Into Paxos, Marking Win For Crypto Industry

Polymarket is a decentralized prediction market that allows users to bet on major global events using cryptocurrencies. Users can buy or sell outcome shares, which can be redeemed for $1 if the outcome is correct, and become worthless if it’s incorrect.

Why It Matters: Trump escaped an attempt at his life at a campaign rally in Pennsylvania on Saturday when a bullet hit his right ear. 

Leading cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) rallied strongly on this development, with analysts interpreting this as the market’s “bullish bias” toward pro-Trump news.

The Republican contender has gained popularity among aficionados due to his newfound interest in cryptocurrencies, even positioning himself as the “crypto president.”

Price Action: At the time of writing, the Trump-inspired Maga Coin (CRYPTO: TRUMP) was exchanging hands at $7.67, surging 48% over the week, according to data from Benzinga Pro. 

Read Next: 

  • Top Crypto Trader Contemplates Retirement, Looks For ‘One Last Bullish Trade’ On Bitcoin, Ethereum, Solana

Image created via photos on Shutterstock

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