Brief Overview
- Trump and Harris will debate on September 10, which may have an impact on the crypto market.
- Trump's promise to support cryptocurrencies has attracted investors' attention; Harris's stance on digital assets remains unclear.
- Trump-related memecoins surged, suggesting crypto investors are betting on a successful debate performance.
publicity
On September 10, 2024, there will be a debate between U.S. presidential candidates Donald Trump and Kamala Harris. The crypto community is watching closely as the outcome of the debate could affect the overall health of the crypto market.
Here’s why crypto investors should be concerned and what market reaction to expect.
Trump versus Harris: Crypto investors place their bets
The crypto community is closely watching the US presidential race because for the first time, a candidate - Donald Trump - has pledged to support the development of the crypto industry if elected. Trump, once a critic of Bitcoin, has changed his stance and is betting on the support of crypto investors. According to polls, these votes could play a key role in determining the frontrunner.
On the other hand, U.S. Vice President Kamala Harris, who will succeed Joe Biden after he drops out of the presidential race in July 2024, has been relatively silent on cryptocurrencies. Although she is seen as one of the most tech-friendly Democrats, her stance on digital assets remains unclear.
Harris’ representatives met with crypto industry leaders, but the meeting did not reveal her plans for the industry. However, her team continues to interact with crypto enthusiasts. The upcoming debate may reveal Harris’ plans for digital asset market regulation.
The move followed a debate between Trump and Joe Biden, who has since dropped out of the presidential race. The event proved to be a turning point for the incumbent president, as Trump's odds of winning surged in prediction markets after the debate.
Before the debate, 52% of market participants believed Trump would win . Harris led between August 10 and 20, but the vice president has been gradually slipping in the polls since early September.
Market participants are also voting on what topics the two sides will discuss during the debate. They expect Trump to focus on the crisis at the U.S. border, fake news and the conflict with Israel, but only 13% think he will mention cryptocurrency or Bitcoin.
Likewise, participants expected Harris to discuss inflation, border protection and women's rights, with only 11% expecting her to touch on cryptocurrency.
As of this writing, 74% of bettors believe Harris will win the debate. However, judging by activity in the PolitiFi space, the crypto community appears to have a different opinion.
“Political” tokens are experiencing a recovery, with Trump-related tokens standing out. For example, Pepe (TRUMP) is up 119.2% in 24 hours , and Trump-related meme coins have also been leading the way throughout the week.
The increase in buying activity suggests the crypto community is betting on his victory. Trump’s successful debate performance could further boost the value of these assets.
