Polymarket Shows Trump Leading in US Election, Backed by Elon Musk

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The race for the next president of the United States has narrowed down to two major candidates, Donald Trump with the Republican Party, and Kamala Harris, who took over from Biden after stepping down earlier. Different polls have been used to showcase the likely winner of the 2024 general elections. 

However, tech billionaire Elon Musk, who has publicly endorsed Trump to win the presidential election, has noted that Polymarket, a decentralized prediction market platform, is much more accurate than ordinary polls. Moreover, Musk believes Polymarket represents people’s interests through actual money on the line. 

As of this report, Trump has been leading Kamala with around 3 percent on the Polymarket platform. More than $311 million in volume on Polymarket was in favor of Trump compared to about $256 million for Kamala. 

Musk Remains Committed to Ensure Trump Wins

After publicly endorsing Trump as the next president of the United States, Musk has gone ahead to use his influence to marshal voters from the swing states. Earlier today, Musk confirmed that his America PAC will offer each registered voter $47 from the swing states if they get to refer another registered voter to sign a petition to show support for free speech and the right to bear firearms. 

“Goal is to get 1M voters in swing states to show support for free speech & right to bear arms,”

Musk noted.

Bigger Picture

With more than 50 million registered American voters invested in the digital space, the crypto issue is expected to play a crucial role in the upcoming U.S. general election. The Biden administration through the US SEC has been criticized for regulating crypto space through enforcement.

For instance, the US SEC has apologized in a court of law for using the term ‘crypto securities’ without course. Nonetheless, the US SEC continues to go after crypto companies led by Ripple Labs for ostensibly offering unregistered securities.

As a way forward, Trump has promised to work in favor of the crypto space, by first firing Chair Gary Gensler in addition to nominating a crypto committee in his administration. Additionally, Trump has promised to commute Ross Ulbricht from the double-life sentence if elected later this year.