Crypto gamblers have placed a staggering $44 million worth of bets on President Donald Trump winning the upcoming presidential election in November, according to data from online prediction market platform PredictIt.
This surge in betting on Trump’s reelection comes as the race between the incumbent president and his Democratic challenger, former Vice President Joe Biden, heats up. Despite recent polls showing Biden with a lead, many crypto enthusiasts are confident in Trump’s chances of securing a second term in the White House.
TheStreet reported that the majority of these bets were made using cryptocurrency, demonstrating the growing influence of digital assets in the world of online gambling. With the proliferation of crypto-friendly betting platforms, such as PredictIt and Augur, users can easily place bets using popular cryptocurrencies like Bitcoin and Ethereum.
One possible reason for the influx of bets on Trump is the uncertainty surrounding the election, with many analysts predicting a close race that could come down to a few key swing states. This uncertainty has created an opportunity for savvy gamblers to place bets on the candidate they believe will come out on top.
However, it’s worth noting that betting markets are not always accurate predictors of election outcomes. In 2016, for example, most betting markets gave Hillary Clinton a high probability of winning the presidency, only to be proven wrong when Trump emerged victorious.
Regardless of the outcome, the betting frenzy surrounding the upcoming election demonstrates the growing popularity of cryptocurrency as a means of conducting online transactions, including gambling. As more people become comfortable using digital assets, we can expect to see crypto betting markets continue to grow in the future.
As election day draws near, all eyes will be on the race between Trump and Biden, with the outcome potentially having far-reaching implications for the future of the country. And for crypto gamblers, the stakes have never been higher as they eagerly await the results of their bets on the next occupant of the Oval Office.
