On Crypto Betting Predictions for the 2024 US Elections
At Polymarket, a cryptocurrency betting platform, users are predicting a win for former President Trump in the 2024 Presidential elections over the current President Biden.
Amounts Bet and Odds for 2024 US Elections
Data from Polymarket indicates that over $19 million have been bet on the forthcoming U.S. Presidential election, with Trump and Biden being the top contenders.
Viable candidates like Gavin Newsom, Robert F. Kennedy Jr., and Michelle Obama also have over a 1% chance of victory on the platform.
Candidates’ Odds and Criticisms
Other candidates are perceived as having less than a 1% likelihood of winning the election, with a focus mainly on Trump and Biden. Crypto execs have been criticized for not supporting the former president.
Ryan Selkis, founder and CEO of Messari, claimed that Trump is the favorite to win the presidency.
Trump’s Opposition to CBDCs
Donald Trump has recently voiced his opposition to the Federal Reserve creating a Central Bank Digital Currency (CBDC) and his ongoing stance is in line with his broader economic and political agenda.
In Laconia, New Hampshire, during a campaign stop, Trump repeated his stance against the federal government issuing a digital dollar, aligning with his conservative base.
The Federal Reserve’s Stance on CBDCs
The Federal Reserve has been exploring the concept of a Central Bank Digital Currency, which they have actively been deliberating over.
In January 2022, The Federal Reserve released a discussion paper on the potential benefits and risks of implementing CBDCs in the United States.
Hot Take
Despite President Trump’s criticism of CBDCs, the Federal Reserve has been actively exploring the potential implementation of digital currency. It seems like the issue of digital currencies may increasingly become a topic for political debate in the future.
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