Crypto betting platform says Kamala Harris beats Donald Trump

Vice President Kamala Harris is gaining ground in the presidential election polls on crypto gambling platform Polymarket. Current bets indicate a 49% chance Donald Trump will win in November, while Harris is projected at 51% the chance to emerge victorious.

Interesting, despite Harris’ silence on cryptocurrency issuesthere is an ongoing discussion as to whether the crypto community has started to support it. Republican candidate Donald Trump, which has positioned itself as a crypto-friendly leader by participating Bitcoin conference and promoting itself as a “crypto candidate”, received significant support earlier this year from major crypto companies and entrepreneurs.

As a relatively new technology, the dynamics of the crypto industry is constantly evolving. Harris has not been clear about his position on crypto politics.

Alexander BlumeThe CEO of Two Prime, an SEC-regulated RIA specializing in digital asset derivatives and former technology advisor to the Bill & Melinda Gates Foundation, doesn’t suggest taking Polymarket’s numbers too seriously. In an email to Quartz, Blume said these numbers are simply gambling odds, not an expression of people’s political views. He acknowledged that Harris’ winning chances have improved, but that doesn’t necessarily mean support within the crypto community has shifted to Harris, as her political views still don’t align with crypto interests.

“I don’t think it’s gaining support from the crypto community. The events her staff organized were poorly attended and controversial,” Blume said in an email.

Harris is quiet, but her team is active

Harris didn’t talk about crypto, but her team worked to gain support from the crypto community. Last week a new group called Crypto4Harris held his first virtual meeting to support his campaign and push for an end to the Biden administration’s crackdown on the cryptocurrency industry.

Although Harris did not attend the Crypto4Harris event, several Democratic lawmakers, including Senate Majority Leader Chuck Schumer, assured attendees during the virtual town hall that he would advocate for cryptocurrency-friendly regulations.

A group of leaders Crypto executives participated in a conference call earlier this month with White House officials and an adviser to Harris, sharing his concerns about current and future crypto regulations. The meeting was seen as a strategic effort to shape Harris’ policy on crypto-related issues, as she didn’t take a stand on clear crypto regulation.

Does Harris get crypto community support?

The crypto community is largely comprised of young professionals, primarily millennials and Gen Zers, who value financial freedom. Harris has deep connections in the technology industry and is significantly younger than her opponent.

While Blume doesn’t think Harris is gaining that much support from the crypto community, Moe Vela, a senior adviser at Unicoin and a former adviser to Joe Biden during his vice presidency, is optimistic about her approach to crypto. In an email to Quartz, Vela recently mentioned Harris’ hiring David Plouffe and Gene Sperlingwhich bring extensive experience from Binance and Ripple respectively.

“She is a generation younger than Trump and Biden and has represented Silicon Valley in the Senate, which gives her a useful attitude toward the crypto community,” Vela added.

It’s time for Harris to talk about crypto

A few months ago, the crypto community rallied behind Trumpanticipating favorable regulatory guidelines and policies. Blume told Quartz last week that the crypto industry “got a little drunk on the excitement and threw themselves into the Trump campaign for the most part.”

With Harris now climbing in the polls, the crypto industry faces a difficult situation, with concerns about potential political repercussions if Trump does not win, Blume added.

“Will the crypto industry be viewed by Democrats as too ‘Republican’ or too pro-Trump?” Blume told Quartz last week. “Will that limit the possibilities for significant policy changes if Kamala Harris becomes the next president?”

Harris would be wise to capitalize on his momentum and address the crypto space soon. Vela recommends that the Harris campaign announce its policy ideas related to crypto.

“It needs to include a regulatory environment that enables growth, rewards innovation, protects consumers/investors and weeds out hapless bad actors,” he said.