Decentralized prediction market platform Polymarket apparently forecasts Republican candidate Donald Trump’s victory in the U.S. presidential election.
The platform’s now $3.5 billion volume bet on the election winner gave 99% winning odds to Trump, against Democratic Party candidate Kamala Harris’ 2.9%. While Trump’s winning chance stood at 58% as of 7 p.m. Tuesday, the figure skyrocketed as the U.S. commenced vote counting.
From early on Trump has maintained the lead — the former president now has 247 electoral votes against Harris, who has 214 in the race to reach 270 votes, according to AP News.
“This Presidential market resolves when the Associated Press, Fox, and NBC all call the election for the same candidate,” Polymarket noted. “In the unlikely event that doesn’t happen, the market will remain open until inauguration and resolve to whoever gets inaugurated.”
Trump, who was initially a crypto skeptic, became a proponent of the cryptocurrency sector and endorsed various areas of the industry throughout the election campaign. While Harris had also commented in support of blockchain and crypto, Trump’s win is considered more bullish for the industry’s future.
As more anticipate Trump’s victory, the crypto market showed strong gains over the past day. Bitcoin broke its all-time high to a new record of $75,011, according to CoinMarketCap data. Ether, Solana and other altcoins also saw strong growth, while Dogecoin, endorsed by Trump supporter Elon Musk, gained 26.64% in the past 24 hours, The Block’s crypto price page showed.
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