‘Crypto for Harris’ gains traction: Is a ‘political football’ underway?

• Polymarket shows a tight 2024 race, with Harris and Trump at 49% each.
• Harris pivots on the crypto issue due to Trump’s rising influence and voter support.

In a dramatic shift on the Polymarket prediction platform, the odds for the 2024 presidential race are now virtually neck-and-neck, with Vice President Kamala Harris and former President Donald Trump each holding a 49% chance of winning. 

Source: Polymarket/X

This high-stakes contest has become the largest betting pool on the crypto prediction platform, amassing over $541 million in wagers. 

‘Crypto for Harris’ campaign effect

Adding to the intrigue, the Democratic side of the cryptocurrency sphere has mobilized with the launch of “Crypto for Harris,” a strategic initiative aimed at counterbalancing Trump’s rising influence. 

This development coincides with Harris’s surprising selection of Minnesota Governor Tim Walz as her vice-presidential running mate, a choice that caught many by surprise, especially given the initial speculation around Pennsylvania Governor Josh Shapiro.

Remarking on the same, Jonathan Padilla, CEO of Web3 Marketing firm Snickerdoodle and one of the organizers of the advocacy group said, 

“The United States must continue to be a leader in blockchain and crypto and groups like Crypto for Harris are working hard to ensure the right policies and conversations take place to ensure that outcome.” 

Harris’ crypto shift

Here’s its important to note that, Harris initially paid little attention to the cryptocurrency community during her campaign.

However, as Trump’s odds of winning the election surged, largely due to increased support from crypto voters, Harris’s stance began to shift.

This change in approach was catalyzed by Rep. Wiley Nickel, who played a significant role in bringing this issue to light at the Bitcoin Conference 2024. 

Nickel’s open letter highlighted the growing influence of the crypto community and its impact on Harris’s campaign strategy, underscoring the necessity for her to engage more actively with this crucial voter base.

“I don’t want to jump ahead of Vice President Harris, but I think we’re going to see some good policy positions that come out and let folks know that she’s looking for a reset on the issue.”  

Things might get bitter!

In hindsight, the 2024 election reveals a stark reality wherein cryptocurrency has emerged as a powerful and potentially manipulative force influencing election outcomes.

Reiterating the same, Nickel said, 

“We want to encourage innovation and protect consumers, but allowing crypto to become a political football is only going to set the U.S. further behind.”

Thus, with the election just three months away and the Polymarket charts showing a tight race, it will be fascinating to see who emerges as the next U.S. president, especially following Joe Biden’s anti-crypto stance.