- Debate Topics
- Impact on the Crypto Market
- Role of Crypto Committees in the 2024 Election
In the first debate held in Philadelphia on September 10, Vice President Kamala Harris and former President Donald Trump did not discuss cryptocurrency. This led to Trump's chances of winning the 2024 election declining and tying with Harris on the betting platform Polymarket.
Debate Topics
During the two-hour debate, topics such as economic plans, abortions, immigration, and foreign policy were discussed. The odds of Trump's victory decreased by 3% on Polymarket, positioning him at 49%, equal to Harris. This change can be attributed to increasing levels of uncertainty regarding the election outcome among bettors.
Impact on the Crypto Market
The debate's outcome has significantly impacted the crypto market. Some experts estimate that if Trump wins, the Bitcoin rate could rise to $90,000 per coin by the end of the year. Trump has vowed to repeal anti-crypto regulations and turn the U.S. into a crypto-friendly country. On the other hand, if Harris emerges victorious, some believe that the price of Bitcoin could fall to $30,000 because her stance on cryptocurrency is not as clear as Trump's.
Role of Crypto Committees in the 2024 Election
Crypto-backed political action committees are involved in this election cycle. They have amassed over $202 million to fund the 2024 elections; the largest PAC, Fairshake, has $177.8 million and has spent $70.8 million so far.
Pre-debate national polls indicate that Harris is ahead of Trump by a margin of 2.7 percentage points, which could be attributed to general voter concerns about the economy, inflation, and immigration, not necessarily crypto. Now that the debate is over, the focus will be on how the candidates' positions change and how this may impact the political and crypto markets in the coming months.
