Is Her Crypto Pivot Driving The Surge?

Vice President Kamala Harris’ Chances Increase to 43%: Is Cryptocurrency Driving This Surge?

Vice President Kamala Harris is making a strategic move into cryptocurrency, even as prediction markets suggest she faces an uphill battle in the 2024 presidential race.

What Happened: Harris currently has a 43% chance of winning the presidency, behind Donald Trump’s 55% odds, according to prediction market platform Polymarket.

His recalibration of his stance on digital assets comes at a critical juncture in his campaign as he aims to mobilize support from Silicon Valley’s influential tech community.

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The Harris team’s work on cryptocurrency began with a call to Bitcoin (CRYPTO:BTC) advocate and billionaire Mark Cuban, who then expressed thoughts of speaking at Bitcoin 2024.

According to Fortune, potential talks are currently underway with industry giants such as Ripple (CRYPTO: XRP), Coinbase Inc. (NASDAQ: COIN), and Circle (CRYPTO: USDC).

Despite her weak position in prediction markets, Harris is gaining traction among the tech elite.

Approximately 100 venture capitalists and founders, including leading names in the crypto industry, announced their campaign to the public.

This show of support contrasts sharply with the 1% chance Polymarket gives other potential candidates like Michelle Obama.

Spotlight: Amid the ongoing EV revolution, previously overlooked low-income communities are now home to a major investment opportunity for as little as $500.

The support from crypto-affiliated investors is particularly notable given the sector’s recent Republican leanings.

Trump’s declaration of becoming a “crypto president” has attracted the support of industry luminaries including Ben Horowitz and Marc Andreessen of a16z, Cathie Wood of ARK Invest and the Winklevoss twins of cryptocurrency exchange Gemini.

Benzinga future of digital assets conference

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Why It Matters: Harris’ notable crypto backers include SV Angel’s Ron Conway, Founders Circle Capital’s Ryan Morrison, Union Square Ventures’ Rebecca Kaden, Mark Cuban, and LinkedIn co-founder Reid Hoffman.

Their joint statement emphasizes a progressive stance aimed at distancing the tech community from potential Republican candidates.

The growing political influence of the crypto sector is evident in the significant financial contributions made to campaigns.

The story continues

PACs focused on crypto have already invested more than $28.5 million to support crypto-friendly Republicans and oppose skeptical Democrats in congressional races.

As Harris navigates this complex political landscape, her 43% against Polymarket shows that she remains a strong contender, albeit one facing challenges.

It is stated that a total of $468,586,717 worth of bets were made on the platform on the outcome of the 2024 presidential election, $43,054,295 of which were placed on Harris, indicating significant interest and participation in her candidacy.

The intersection of cryptocurrency and politics will be a key theme at Benzinga’s Future of Digital Assets event on Nov. 19.

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This article, Vice President Kamala Harris’ Chances Increase to 43%: Is Cryptocurrency Spurring Volatility? was originally published on Benzinga.com