Vice President Kamala Harris is making a strategic pivot towards the cryptocurrency sector, even as prediction markets show her facing an uphill battle in the 2024 presidential race.
What Happened: According to prediction market platform Polymarket, Harris currently holds a 43% chance of winning the presidency, trailing behind Donald Trump’s 55% odds.
This recalibration of her stance on digital assets comes at a crucial juncture, as her campaign seeks to galvanize support from Silicon Valley’s influential tech community.
The Harris team’s crypto outreach began with a call to Bitcoin BTC/USD advocate and billionaire Mark Cuban, followed by considerations to speak at Bitcoin 2024.
Now, potential meetings with industry giants Ripple XRP/USD, Coinbase Inc. COIN and Circle USDC/USD are in the works, according to Fortune.
Despite her underdog status in the prediction markets, Harris is gaining traction among tech elites.
Approximately 100 venture capitalists and founders, including several crypto industry leaders, have publicly endorsed her campaign.
This show of support stands in stark contrast to the mere 1% chance Polymarket gives to other potential candidates like Michelle Obama.
The endorsement from crypto-affiliated investors is particularly noteworthy given the industry’s recent Republican leanings.
Trump’s declaration to be a “crypto president” has attracted support from industry heavyweights such as a16z’s Ben Horowitz and Marc Andreessen, ARK Invest‘s Cathie Wood and the Winklevoss twins of crypto exchange Gemini.
Also Read: Bitcoin Down To $64,500, Ethereum ETFs Stutter: Why Did Crypto Not Rally After The FOMC Meeting?
Why It Matters: Among Harris’s notable crypto backers are Ron Conway of SV Angel, Ryan Morrison from Founders Circle Capital, Rebecca Kaden of Union Square Ventures, Mark Cuban and LinkedIn co-founder Reid Hoffman.
Their joint statement emphasizes a pro-innovation stance, aiming to sway the tech community away from potential Republican candidates.
The crypto industry’s growing political influence is evident in the significant financial 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 complex political landscape, her 43% odds on Polymarket suggest that while she faces challenges, she remains a strong contender.
The platform shows a total of $468,586,717 bet on the 2024 presidential election outcome, with $43,054,295 wagered on Harris specifically, indicating substantial interest and engagement in her candidacy.
The intersection of cryptocurrency and politics will be a key topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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