On September 10, 2024, US presidential candidates Donald Trump and Kamala Harris will face off in a debate. The crypto community is closely watching, as the debate’s outcome could impact the overall health of the crypto market.
Here’s why crypto investors should pay attention and what market reactions to expect.
Trump vs Harris: Crypto Investors Place Their Bets
Crypto community is closely following the US presidential race, as for the first time, one of the candidates — Donald Trump —has pledged to support the development of the crypto industry if he wins. Trump, once a critic of Bitcoin, has shifted his stance, betting on the support of crypto investors. Their votes, according to polls, could be pivotal in determining the frontrunner.
On the other hand, US Vice President Kamala Harris, who succeeded Joe Biden after he withdrew from the presidential race in July 2024, has remained relatively quiet on crypto. Although she is regarded 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 didn’t shed much light on her plans for the sector. However, her team continues to engage with crypto enthusiasts. The upcoming debate could provide insight into Harris’ plans for regulating the digital asset market.
Earlier, Trump participated in a debate with Joe Biden, who has since dropped out of the presidential race. That event proved to be a turning point for the incumbent president, as Trump’s chances of winning the election surged in prediction markets following the event.
Ahead of the debate, 52% of market participants believe in Trump’s victory. Harris held the lead between August 10 and 20, but since the start of September, the Vice President has been losing ground in the polls.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Trump and Harris Winning Odds. Source: PolymarketMarket participants are also voting on the topics they believe both politicians will discuss during the debate. They expect Trump to focus on the US border crisis, fake news, and the Israel conflict, though only 13% think he will mention cryptocurrency or Bitcoin.
Similarly, participants expect Harris to cover inflation, border protection, and women’s rights, with just 11% believing she will talk about cryptocurrency.
As of this writing, 74% of betters believe Harris will win the debate. However, the crypto community, as reflected by activity in the PolitiFi sector, seems to hold a different opinion.
Read more: How Can Blockchain Be Used for Voting in 2024?
PolitiFi Coins. Source: CoinGecko“Political” tokens are experiencing a resurgence, with those tied to Donald Trump among the top performers. For example, Pepe (TRUMP) jumped by 119.2% in just 24 hours, with Trump-related meme coins also leading gains throughout the week.
The rise in buying activity signals that the crypto community is betting on his victory. A successful debate performance by Trump could further increase the value of these assets.
