Is Her Crypto Pivot Driving The Surge?

Vice President Kamala Harris is making a strategic pivot in the direction of the cryptocurrency sector, at the same time as prediction markets present her going through an uphill battle in the 2024 presidential race.

What Occurred: According to prediction market platform Polymarket, Harris at present holds a 43% likelihood of profitable the presidency, trailing behind Donald Trump’s 55% odds.

This recalibration of her stance on digital property comes at a vital juncture, as her marketing campaign seeks to impress assist from Silicon Valley’s influential tech group.

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The Harris crew’s crypto outreach started with a name to Bitcoin (CRYPTO: BTC) advocate and billionaire Mark Cuban, adopted by concerns to talk at Bitcoin 2024.

Now, potential conferences with business giants Ripple (CRYPTO: XRP), Coinbase Inc. (NASDAQ:COIN) and Circle (CRYPTO: USDC) are within the works, according to Fortune.

Regardless of her underdog standing within the prediction markets, Harris is gaining traction amongst tech elites.

Roughly 100 enterprise capitalists and founders, together with a number of crypto business leaders, have publicly endorsed her marketing campaign.

This present of assist stands in stark distinction to the mere 1% likelihood Polymarket offers to different potential candidates like Michelle Obama.

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The endorsement from crypto-affiliated traders is especially noteworthy given the business’s latest Republican leanings.

Trump’s declaration to be a “crypto president” has attracted assist from business heavyweights corresponding to a16z’s Ben Horowitz and Marc Andreessen, ARK Make investments‘s Cathie Wooden and the Winklevoss twins of crypto change Gemini.

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Why It Issues: Amongst Harris’s notable crypto backers are Ron Conway of SV Angel, Ryan Morrison from Founders Circle Capital, Rebecca Kaden of Union Sq. Ventures, Mark Cuban and LinkedIn co-founder Reid Hoffman.

Their joint assertion emphasizes a pro-innovation stance, aiming to sway the tech group away from potential Republican candidates.

The crypto business’s rising political affect is clear within the important monetary contributions to campaigns.

Crypto-focused PACs have already invested over $28.5 million in supporting crypto-friendly Republicans and opposing skeptical Democrats in congressional races.

As Harris navigates this complicated political panorama, her 43% odds on Polymarket recommend that whereas she faces challenges, she stays a powerful contender.

The platform reveals a complete of $468,586,717 guess on the 2024 presidential election final result, with $43,054,295 wagered on Harris particularly, indicating substantial interest and engagement in her candidacy.

The intersection of cryptocurrency and politics will likely be a key subject at Benzinga’s upcoming Future of Digital Assets occasion on Nov. 19.

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This text Vice President Kamala Harris’ Chances Up To 43%: Is Her Crypto Pivot Driving The Surge? initially appeared on Benzinga.com