Former President Donald Trump's probability of launching a coin before the election spiked after news of World Liberty Financial, a project promoted by the Trump family, being built on two blockchains was revealed.
What Happened: As of Sept. 5, Trump launching a coin before the November 2024 election has a 48% probability with a total bet amount of $1.12 million, based on the prediction market Polymarket. The probabilities spiked in one single day from 25% as of Sept. 3 to 50% as of Sept. 4.
The spike comes on the heels of Trump's crypto initiative likely being built on the DeFi platform Aave and Ethereum blockchain for rolling out borrowing and lending services. The project could have a governance token named WLFI.
Crypto trader Tyler D noted the possibility of Trump launching a cryptocurrency potentially linked to World Liberty Financial seems more plausible after recent leaks.
He posed two questions: whether Trump's role as "chief crypto advocate" would confirm his involvement, which appears likely, and whether the coin will launch before the election.
The trader noted that based on recent hype and momentum, a pre-election launch is more probable, making it a favorable bet with a potential 100% return.
Why It Matters: The World Liberty Financial project was targeted by a cyber-attack, with the social media accounts of Lara Trump and Tiffany Trump compromised to promote a fraudulent scheme.
Despite these setbacks, the project aims to include a new cryptocurrency, although it is not yet ready for launch.
Polymarket data noted Trump's probability of winning the presidential election stands at 53% compared to the 46% probability of Vice President Kamala Harris. However, the popular vote win is in favor of Harris with a 70% probability and 30% of Trump.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Photos: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
