There’s 43% Chance that Biden Might Drop Out of 2024 Presidential Race, PoliFi Tokens Turn Volatile

As a crypto investor with a few years of experience under my belt, I’ve learned to keep a close eye on political developments that could potentially impact the digital asset sector. The recent poll conducted on Polymarket regarding Joe Biden’s potential dropout from the 2024 presidential race has certainly piqued my interest.

As a researcher studying political trends, I’ve noticed an intriguing development in the 2024 presidential race: the possibility of current US President Joe Biden dropping out has reportedly increased, according to recent data from Polymarket, a decentralized prediction market platform. This comes as Trump, the Republican candidate and former US president, intensifies his challenge to Biden’s bid for re-election.

Several users have expressed their belief that President Biden will withdraw from the 2024 presidential race based on a recent poll. Interestingly, there is now a 43% probability of this occurrence, marking a considerable increase from the previous 19% following the first debate between Trump and Biden on June 27. This development comes despite the absence of any discussion regarding cryptocurrencies during the debate, an aspect that the digital asset community had anticipated.

Noting importantly, more than $7.185 million in bets have been placed on Polymarket’s wager concerning “Biden will withdraw from the presidential race?”. One bettor expressed their firm belief that Biden would not quit, labeling others holding opposing views as “delusional”. Another participant brought attention to Biden being the oldest president in office and suggested it was reasonable for him to consider stepping down due to the rigorous requirements of the presidency.

As a researcher studying the intersection of politics and cryptocurrencies, I’ve noticed concerns within the crypto community regarding potential negative implications of Joe Biden’s presidency for digital assets. However, recent data from a Gallup poll reveals that American voters are paying close attention to cryptocurrencies. The poll results suggest that economic issues, such as inflation and poor governance, as well as immigration, hold greater importance in the minds of voters compared to crypto specifically.

It was a letdown that crypto and Web3 weren’t brought up in the recent debate between Trump and Biden. However, both candidates have acknowledged the concerns of the cryptocurrency community in the past few weeks. The sector has shown its backing for Trump, who has pledged to regulate digital assets in a way that facilitates their use.

During President Biden’s tenure, the cryptocurrency market has experienced significant setbacks, marked by the demise of FTX and various banking institutions such as First Republic, which is now under JPMorgan Chase’s umbrella. Furthermore, Signature Bank, known for its crypto-friendly stance, also faced challenges. The Securities and Exchange Commission (SEC) under Biden’s administration has been firm in its regulatory approach towards crypto firms, with Chair Gary Gensler refusing to discuss the potential impact of upcoming elections on the agency’s digital asset policies.

As a researcher examining the intersection of politics and cryptocurrencies, I’ve discovered that some crypto executives have voiced their backing for Donald Trump. Notably, Kraken’s CEO has contributed $1 million in digital assets to Trump’s campaign. This announcement came shortly after Trump declared his intention to accept cryptocurrency donations in early May, thereby making his stance on digital currencies more explicit.

Rise and Fall of PoliFi Tokens

After the heated exchange between Trump and Biden during the debate, the value of PoliFi tokens associated with each candidate saw significant fluctuations. According to CoinMarketCap, Jeo Boden (BODEN), the cryptocurrency representing Biden, plummeted 45.62% within a day and is now valued at $0.07344. Similarly, Trump-themed cryptos like Super Trump (STRUMP) and NEVER SURRENDER (TRUMP) experienced declines of 18.42% ($0.01239) and 43.55% ($0.00000157), respectively.

In the first debate between the two candidates, neither of them brought up the topic of cryptocurrencies. Consequently, the value of the tokens connected to them dropped significantly. Yet, there’s a second debate scheduled for September 10, and it’s reasonable to assume that digital assets could be among the topics under discussion.

Robert F. Kennedy Jr., a presidential hopeful who failed to qualify for CNN’s debates, organized an alternate “genuine discussion” on X instead, touching upon the subject of cryptocurrencies during his responses.

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2024-06-28 16:06