Democrats’ Crypto Strategy Boosts Kamala Harris’ Winning Odds

2 months ago 31

Kamala Harris continues to gain ground on Donald Trump in terms of winning odds in the November elections. If prediction markets are any indication, the Democrats’ efforts to appeal to crypto voters are paying off.

Crypto has become the hallmark of the US presidential campaign. What started only as a political imperative is now popular opinion.

Democrats Launch Crypto For Kamala Harris Campaign

With only three months left until the elections, crypto’s place in US politics is growing stronger. Fox Business reports that Democrats have launched a “Crypto for Harris,” a 50-member advocacy group. The main organizers of this campaign include industry participants and policy experts.

“The United States must continue to be a leader in blockchain and crypto. Groups like Crypto for Harris are working hard to ensure the right policies and conversations take place to ensure that outcome,” Fox Business reported, citing Jonathan Padilla, CEO of Web3 Marketing firm Snickerdoodle, who is also among the advocacy group’s organizers.

Crypto for Harris plans to host a virtual town hall meeting next week featuring billionaire entrepreneur and crypto advocate Mark Cuban. Others in the supposed speaker lineup include SkyBridge Capital founder and Trump critic Anthony Scaramucci. Several other members of the Democrat Party from the House of Representatives will also attend, with invitations sent to Democrats in the Senate.

As BeInCrypto reported, Harris’ representatives will meet with crypto leaders on Thursday, August 8. This meeting follows her announcement of Minnesota Governor Tim Walz as her running mate, narrowing the race to Harris and Walz against Donald Trump and J.D. Vance — two outspoken crypto proponents against two known crypto critics.

Harris’s team is also considering Wally Adeyemo, a crypto critic, as Treasury Secretary against Trump’s choices, Larry Fink and Jamie Dimon. Trump has a first-mover advantage in appealing to crypto voters, pivoting his campaign against regulatory attacks set in motion by the Joe Biden administration, of which Harris is now the face.

Against the latest developments, Harris has tied with Trump on Polymarket. After weeks of Trump leading, this marks the first time the two tie. It shows Democrats’ strategies are paying off if Polymarket odds are enough to go by.

It is worth mentioning that the Polymarket prediction platform is inaccessible to the US market, with some even questioning the platform’s impartiality, especially regarding showing market sentiment. However, its value in giving insights cannot be overlooked.

“Prediction markets have long been a valuable source of insights, leveraging the collective wisdom of crowds to predict events accurately for centuries. In an era where AI increasingly influences our lives, conducting prediction surveys among knowledgeable investors can offer crucial guidance on positioning for future events and outcomes. These insights become even more significant when participants have a vested interest or are willing to place bets on their predictions, ensuring they are deeply engaged and motivated to provide accurate forecasts,” Markus Thielen, Founder & CEO at 10x Research, recently told BeInCrypto.

Meanwhile, the Kamala Horris (KAMA) meme coin is down 1% since Thursday’s session opened. This abysmal performance comes as meme coins reflect broader market sentiment, which remains sour after the Monday crash.

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