Data from prediction market platform Polymarket indicates that bettors think former First Lady Michelle Obama may have a chance at becoming the Democratic nominee for the Presidential election.
The market, which has attracted over $214 million in bets, gives Michelle Obama a 11% chance of replacing President Joe Biden as the nominee, making her the second favorite after Vice President Kamala Harris. $24 million have been traded on the prospects of the former First Lady alone.
The betting trend shows Obama’s chances more than tripling in the last 24 hours alone, from 3% to over 10%.
This uptick could be interpreted as a response to recent political developments, including President Joe Biden‘s unexpected withdrawal from the race and his endorsement of Vice President Kamala Harris as the Democratic nominee.
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Entrepreneur and investor Balaji S. Srinivasan said, “Obama is not endorsing Kamala. He’s calling for an open convention. Michelle Obama may be his nominee.” This statement, while not reflected in the current betting odds, has added fuel to ongoing discussions about potential shake-ups in the Democratic field.
Speculations about Michelle Obama have abounded, despite the former First Lady being on record saying “you would be crazy to go into politics.”
Anastasija Plotnikova, CEO of Fideum told Benzinga that Michele Obama has repeatedly stated she is not planning to run for the democratic nomination, including the 2024 presidential nomination. As for her political stances during her term as a First Lady she was focused primarily on education, voting rights and military families. The general public is not yet aware of her stance on cryptocurrency and overall economy. However, having a fresh running candidate can be very helpful for the general discourse, Plotnikova told Benzinga.
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