The likelihood of U.S. President Joe Biden exiting the presidential race has surged to 80% on the decentralized prediction market platform Polymarket, amid growing reports that he might make the decision as soon as this weekend.
What Happened: Just two days ago, these odds stood at 33%, but they have more than doubled since then.
Axios reported on Thursday morning that Democratic leaders and close allies are increasingly urging Biden to step down in the coming days, citing insights from several top Democrats.
At 81 years old and recently testing positive for Covid-19, Biden has been under intense scrutiny following a lackluster debate performance last month that reignited discussions about finding a replacement.
Over the past week, prominent Democrats, including Senate Majority Leader Chuck Schumer (D-NY), have advised him to withdraw, as reported by ABC News.
Additionally, former House Speaker Nancy Pelosi informed Biden that polls indicate he cannot beat GOP presidential candidate and former President Donald Trump and warned that Biden’s candidacy could “destroy Democrats’ chances of winning the House,” according to CNN.
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Former President Barack Obama has also weighed in, telling allies that Biden “needs to seriously consider his viability to win reelection,” The Washington Post reported on Thursday.
This internal party pressure is mounting as the Democratic National Convention approaches, scheduled for Aug. 19 in Chicago, where Democrats will choose their presidential nominee.
Speculation about potential Democratic contenders is rife, with names such as Vice President Kamala Harris, California Governor Gavin Newsom, Illinois Governor J.B. Pritzker, and Michigan Governor Gretchen Whitmer being floated.
On Polymarket, bettors currently favor Harris as the Democratic nominee, with her odds set at 61% as of Thursday afternoon. In the past 24 hours, meme coins inspired by potential Biden successors have seen a significant rally.
What’s Next: This development comes at a critical time for the Democratic Party and the broader political landscape.
It also coincides with the upcoming Benzinga’s Future of Digital Assets conference on Nov. 19, where the implications of political changes on digital assets and blockchain technology are likely to be key discussion points.
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