As the U.S. prepares to elect its next president in just two weeks, trends in the crypto markets appear to be leaning in favor of Trump. This shift, particularly visible in crypto-based prediction markets like Polymarket, has drawn attention due to the substantial investment from a prominent French investor. Known for his crypto-friendly stance and his promise to replace the current SEC chairman, Trump has garnered notable support within the crypto industry.
Polymarket and the Role of the Investor
In the lead-up to the election, there has been a marked shift in favor of Trump on Polymarket. The platform has observed that this trend was significantly influenced by a large investment from a French investor. According to a statement from Polymarket, the investor’s actions are based solely on his personal views and are not an attempt to manipulate the market. “After investigating, we have concluded that this user did not attempt to manipulate the market,” Polymarket officials stated, emphasizing that the investor acted freely within market conditions.
Anticipated Changes in the Crypto Industry
Trump’s reputation as a crypto-friendly candidate has earned him support in the crypto sector. Brad Garlinghouse, CEO of Ripple ($0.528099), has publicly backed this view. During DC Fintech Week in Washington, D.C., Garlinghouse remarked that the U.S. is on the brink of a crypto transformation and that the election will be pivotal in shaping this evolution. He noted that a victory for either Trump or Democratic candidate Kamala Harris would signify a “break from the Biden administration’s failed crypto policies.” Commenting further, Garlinghouse stated, “Kamala Harris is from Silicon Valley and generally has a pro-tech stance. Regardless, a reset is likely after the election.”
While recent polls place Harris ahead of Trump by a narrow 1.8% margin, crypto-centered forecasting platforms like Polymarket show a contrasting trend in Trump’s favor. Industry supporters anticipate that crypto regulations under a Trump administration could have positive effects on the sector.
Potential Changes in Crypto Following the Election
The U.S. election is expected to catalyze significant shifts in the crypto markets. As Garlinghouse suggested, a restructuring of crypto policies appears likely, no matter the outcome. Industry investors and leaders hope that future regulatory frameworks will be more supportive of crypto.
With this pivotal election, many believe a new era may soon begin in the crypto world.
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