As the United States gears up for its upcoming presidential elections, the crypto markets are showing a clear preference for Donald Trump. This trend, which is evident in prediction markets like Polymarket, has attracted attention due to a significant investment made by a prominent French investor. Trump’s pro-crypto stance and his promise to appoint a new chairman for the Securities and Exchange Commission (SEC) have made him a favored candidate within the crypto sector.
Polymarket and the Investor’s Role
As the U.S. elections draw closer, there has been noticeable activity on Polymarket, a crypto-based prediction market, with a clear bias towards Trump. This trend has been influenced by a substantial investment from a major French investor. Polymarket has stated that this investor did not manipulate the market but rather acted based on personal views. The officials at Polymarket have emphasized that their review concluded that the investor was not attempting to manipulate the market and that their actions were in line with free market conditions.
Expectations of Change in the Crypto Sector
The crypto world continues to support Trump, viewing him as a candidate who is pro-crypto. Brad Garlinghouse, the CEO of Ripple, is among those who endorse this view. Speaking at DC Fintech Week, Garlinghouse expressed that the U.S. is on the brink of a crypto revolution, and the outcome of the election will play a significant role in this process. He noted that a victory for either Trump or Democratic candidate Kamala Harris would signify a departure from the current Biden administration’s ineffective crypto policies. Garlinghouse added that Harris, with her roots in Silicon Valley, generally exhibits a technology-friendly stance. Regardless of the election outcome, he believes that there will be a reset in the crypto sector.
Recent polls show Harris leading Trump by a slight margin of 1.8%. However, crypto-focused prediction platforms like Polymarket paint a different picture, favoring Trump. The crypto industry believes that regulatory changes during Trump’s presidency would have a positive impact on the sector.
Potential Changes in Crypto Based on Election Results
The upcoming U.S. elections are expected to bring about significant changes in the crypto markets. As Garlinghouse pointed out, regardless of who wins, there is a likelihood of restructuring in crypto policies. Investors and industry leaders are hopeful that regulatory bodies will adopt a more supportive approach towards crypto.
Regardless of the outcome of the U.S. elections, the crypto world is eagerly anticipating the start of a new era.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
