- President Joe Biden’s participation in the upcoming US presidential race has become a hot topic on the crypto betting platform Polymarket.
- Polymarket users can place bets on the likelihood of various events, including political outcomes like the US presidential race.
- Current odds suggest Biden has a 33% chance of withdrawing from the 2024 presidential race according to the platform.
Polymarket’s predictions indicate increasing speculation over Biden’s potential withdrawal from the 2024 presidential race.
Biden’s Debate Performance Raises Questions
The debate between President Joe Biden and former President Donald Trump on CNN significantly impacted perceptions of Biden’s 2024 presidential bid. Despite fact-checkers debunking many of Trump’s claims, he was widely deemed the winner by media pundits and poll respondents. This has fueled speculation and affected betting odds on platforms like Polymarket.
The Impact of Debate on Betting Markets
Biden’s subpar debate performance has led to a marked decline in his odds of continuing in the race. According to Polymarket, Biden’s chances of remaining on the ticket have dropped to 21%, a significant fall from 34% before the debate. The platform accounts for various extenuating circumstances that could compel Biden to withdraw, making the stakes even higher for participants.
Trump Emerges as the Frontrunner
Unsurprisingly, former President Donald Trump has emerged as the clear favorite to win the 2024 US presidential election on Polymarket, holding a 65% chance of victory. This decisive edge has intensified the betting activity, with over $207 million placed on the election outcomes at the time of writing.
High-Profile Investments in Polymarket
Polymarket’s influence extends beyond the political sphere, garnering significant investments from notable figures in the crypto world. Peter Thiel’s Founder’s Fund, Ethereum co-founder Vitalik Buterin, and other heavyweight investors like Dragonfly and ParaFi have collectively invested $70 million into the platform, underscoring its growing importance and credibility.
Conclusion
Speculation surrounding President Biden’s role in the upcoming election is ramping up, driven by platforms like Polymarket. The impact of recent debates and the surge in betting market activity suggest a dynamic and unpredictable political climate leading up to November 2024. As Trump solidifies his frontrunner status, all eyes remain focused on whether Biden can alter the current narrative or if external factors will lead to his withdrawal.
