Politics and finance have intertwined in cryptocurrency. A new class of tokens called PolitFi has emerged, resembling a mix of fan tokens and meme coins. This area, containing numerous altcoins, represents a significant experiment in crypto as the November elections approach.
Who Will Win the US Elections?
Looking at hundreds of field surveys, most show Harris in the lead. Recent poll details were shared; Harris leads with 48% while Trump lags at 43%. Despite surviving an assassination attempt, which increased voter turnout, the scenario hasn’t changed. The Democrats' strength and motivation lie in Biden being replaced by a strong woman. If elected, Kamala Harris will be the first female and even black female president of the US. This is highly motivating, especially for Democrats. While field surveys show this, prediction platforms used by crypto investors, like Polymarket, show Trump leading with 53%. However, as mentioned above, Bernstein analysts highlight that Harris’s average 47% vote share seems highly inconsistent with Polymarket data. The key detail here is that despite the Trump factor, the gap isn’t that large in Polymarket predictions involving crypto investors. 43% of crypto investors believe Harris will win the elections. A few weeks ago, Coinbase research published reports showing that crypto voters aren’t very political. It mentioned that voters are almost equally divided between the two parties and that Trump’s pro-crypto rhetoric hasn’t yielded the expected results. Of course, there are still months until the election, and decisions can change.
PolitFi Altcoins
Biden tokens were sidelined after he withdrew from the race. However, there are quite a few popular altcoins minted in Trump’s name. Additionally, Trump will officially launch a new token named WLFI with his team. Although details are not yet clear, the initial impression of WLFI is amateurish and simplistic. MAGA (TRUMP) Token is one of the most popular Trump cryptocurrencies, and after recent polls and bad news about WLFI, its price dropped by more than 15% today. The 96-day loss stands at 82%. Although many tokens have been issued in Harris’s name, none have become as popular as MAGA. Perhaps we will see PolitFi tokens disappear by the elections?
PolitFi represents an interesting phenomenon at the intersection of politics and cryptocurrency. Various tokens associated with US election candidates show the prevailing sentiments among crypto investors. It will be intriguing to observe how these projects evolve as the elections approach.
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