As #Trump widens her lead over Harris in prediction markets, BlackRock CEO Larry Fink said it doesn't matter #Bitcoin who sits in the White House.
Former US President Donald Trump's lead over Vice President Kamala Harris is widening, and more people are betting on his election victory on decentralized prediction markets.
Trump’s odds of winning the US presidential election exceeded bets on a Harris victory by 13 percentage points on October 15, according to leading prediction market Polymarket.
The odds turned in Trump's favor on October 4, and there was a sharp reversal from September onwards. On October 12, Trump was ahead by more than 10 points
Billionaire Elon Musk recently expressed his support for the former Republican president, saying that decentralized prediction markets could predict election results more accurately than traditional polls.
Trump is generally seen as the more innovative candidate for the #kripto space, but some investors worry that a potential Harris presidency could stifle blockchain innovation with more restrictive regulations.
Bitcoin bypasses US politics and regulations: BlackRock's Larry Fink
Despite the crypto industry’s focus on the 2024 elections, the results may not have a significant impact on Bitcoin
According to Larry Fink, CEO of BlackRock, the world's largest asset manager.
Fink added that this is because Bitcoin is its own asset class that can transcend global politics.
Fink said in BlackRock’s third-quarter 2024 earnings call:
"I'm not sure the president or any of the other candidates will make a difference. I believe the use of digital assets will become more and more of a reality around the world."
Fink added that the continued adoption of Bitcoin and cryptocurrencies will depend on liquidity and transparency, not regulation.
US elections lead to 564% increase in prediction markets in Q3
Due to the upcoming US elections, betting volume in prediction markets increased by 565.4% in Q3, reaching $3.1 billion across the three major markets.
Related: Experts Say Donald Trump Considers Robinhood Exec to Lead SEC: Report
The significant growth in prediction market volume is attributed to increased betting as the US elections approach, according to an October 14 report by CoinGecko:
"Prediction markets gained momentum, growing by 565.4% in Q3 2024 as experts placed bets on the upcoming US elections."
Polymarket, the most prominent decentralized platform, dominated the market with a market share of over 99% as of September. Over 46% of Polymarket’s year-to-date volume was driven by the US presidential election poll.
