The likelihood of former U.S. President Donald Trump winning the upcoming U.S. presidential election has surged to a record high following a thwarted assassination attempt, according to bettors on the decentralized prediction market platform Polymarket.
Trump, who was wounded during a rally shooting in Pennsylvania, saw his odds of winning the upcoming presidential election surge by approximately 10 points to 70% on Polymarket, a platform that allows users to use cryptocurrency to wager on various events.
Betting on Donal Trump winning the U.S. presidential election | Source: Polymarket
A spokesperson for the Secret Service confirmed the safety of the Republican presidential hopeful after the incident, as reported by The New York Times. The altercation resulted in the death of a suspected assailant and a bystander, according to the publication.
In the aftermath, defiant images and videos of Trump with a bloodstained face making a fist-pump gesture went viral on social media. This event occurred amidst weeks of public discourse focusing on the missteps and perceived weaknesses of his rival, the current President Joe Biden.
Appears he’s ok; pumping his first here. My lord, this is crazy pic.twitter.com/N5Mp8Ible1
— @jason (@Jason) July 13, 2024
Following the incident, meme tokens linked to Trump, known as “PoliFi” tokens, witnessed a surge. For instance, MAGA rose by 47% in 24 hours to $9.32, while TREMP increased by 22% to $0.4866, based on data from crypto.news.
On the other hand, BODEN, a meme coin inspired by President Joe Biden, saw a 21% decline over the same period to $0.03181. These tokens, while popular for speculating on election outcomes, offer no actual payout to holders if their associated candidate wins.
Currently, Biden’s odds of securing the election on Polymarket stand at 16%.
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Trump, has pledged to safeguard Bitcoin should he win the 2024 presidential election on Nov. 5, has been confirmed as a featured speaker at a Bitcoin conference later this month.
In a statement last month in Washington, D.C., Trump noted, “I will ensure that the future of Bitcoin is forged in the U.S. and not relegated abroad. I will uphold the right to self-custody.”
The Biden administration has never interfered with law-abiding crypto holders.
After generating income from his digital trading card non-fungible tokens (NFTs), Trump has become increasingly involved with cryptocurrencies, and announced his support for the sector in late May.
He also started accepting campaign contributions in various digital currencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE).
Following Trump’s narrow escape from his Pennsylvania rally, in which a bullet grazed his ear, the price of Bitcoin has climbed above $60,000 per unit, rising from earlier lows of $53,000 this month. At the time of this report, the leading cryptocurrency was trading at $59,970.
Read more: Can Trump’s return to power and pro-crypto policies spark a historic bull run?