As the U.S. prepares to determine its next president in the upcoming elections, crypto markets are trending in favor of Trump. This trend, highlighted in prediction markets like Polymarket, has garnered attention due to a significant investment from a prominent French investor. Trump’s pro-crypto stance and promise to replace the SEC chairman position him as a supported candidate within the crypto sector.
Polymarket and the Investor’s Role
With the U.S. elections approaching, there is noticeable activity on Polymarket, a crypto-based prediction market, favoring Trump. This trend is shaped by a substantial investment from a major French investor. According to Polymarket’s statements, the investor did not manipulate the market but acted based on personal views. Polymarket officials emphasized, “Our review concluded that this user was not attempting to manipulate the market,” highlighting that the investor’s actions occurred under free market conditions.
Expectations of Change in the Crypto Sector
The crypto world continues to support Trump, perceived as a pro-crypto candidate. Ripple CEO Brad Garlinghouse is among those endorsing this view. Speaking during DC Fintech Week, Garlinghouse stated that the U.S. is nearing a crypto transformation, with the election playing a significant role in this process. He noted that winning by Trump or Democratic candidate Kamala Harris would imply a break from the current Biden administration’s ineffective crypto policies. Garlinghouse added, “Kamala Harris has Silicon Valley roots and generally exhibits a technology-friendly stance. Regardless of the outcome, we will see a reset post-election.”
Recent polls show Harris leading Trump by a slight margin of 1.8%, yet crypto-focused prediction platforms like Polymarket depict a different scenario favoring Trump. The crypto industry believes that regulatory changes during Trump’s presidency would positively impact the sector.
Potential Changes in Crypto Based on Election Results
The upcoming U.S. elections are expected to open the door to significant changes within the crypto markets. As Garlinghouse highlighted, no matter who wins, there is a likelihood of restructuring in crypto policies. In this context, investors and industry leaders hope that regulatory bodies will adopt a more supportive approach towards crypto.
