Donald Trump and Kamala Harris-themed cryptocurrencies were mixed on Monday, Sep. 9, ahead of a key debate that could influence the outcome of the next general election.
Donald Trump and Kamala Harris debate ahead
MAGA (TRUMP), the largest Trump-themed coin, was down by 2.1% to trade at $3.38. It has risen by 6.3% in the last seven days, giving it a market cap of over $155 million. Doland Tremp (TREMP) has surged by 40% in the last seven days, while Trumpcoin (DJT) has fallen by over 4%.
On the other hand, Kamala Horris (KAMA) token has fallen by 6.6%, bringing its valuation to over $8 million, making it the sixth-biggest coin in the world.
The main catalyst for these politfi coins is Tuesday’s debate between Trump and Harris, which can impact the race. Recent polling data shows that the race is close, meaning that many undecided voters may pick a side after the debate.
A closely watched New York Times/Sienna poll showed Trump leading by one point nationally. In top swing states, the poll—together with that of CBS News—had Harris leading by one point, indicating that the race is virtually tied.
Polymarket, a popular prediction market, shows that Donald Trump has a 52% chance of winning the election. Another poll suggests that Harris will win the popular vote, as Democrats have done in the last few elections.
Trump tokens jumped after his debate with Joe Biden
Most Trump-themed tokens surged after the first Trump and Joe Biden debate on June 27. In that debate, it became apparent that Biden was likely to lose the election to Trump. The MAGA token rose by 18%, while MAGA Hat jumped by over 28%. Doland Tremp rose by 15%.
These tokens then retreated as the market predicted that Democrats might nominate a younger candidate with a higher chance of winning.
Most Trump tokens and other cryptocurrencies are likely to perform well if he wins the debate for two reasons. First, these meme coins are often driven by hype among market participants.
Second, Trump is viewed positively in the crypto community. He owns cryptocurrencies worth over $5.76 million, has called for the government not to sell its Bitcoin (BTC) holdings, and is supported by crypto fans like Elon Musk and Tyler Winklevoss.
Harris, on the other hand, is said to favor Gary Gensler as Treasury Secretary and has not delivered a specific crypto policy. Elizabeth Warren, one of her supporters, has called for more crypto regulations.
A recent Fairleigh Dickinson University poll found that former President Donald Trump’s outreach to crypto owners is paying off this 2024 U.S. Presidential election season.
It appears Trump’s embrace of cryptocurrency is paying off. The FDU poll revealed that Trump holds a significant lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 percentage points in the 2024 U.S. Presidential race.
The poll shows that 50% of likely voters who own crypto backed Trump, compared to 38% who support Harris. Conversely, among non-crypto owners, Harris leads by 12 points, garnering 53% support to Trump’s 41%.
The FDU Poll also revealed that 15% of all registered voters in the U.S. have owned crypto, NFTs, or similar digital products. This group is disproportionately composed of men, younger voters, and members of racial minority groups.
Interestingly, while Republicans are slightly more likely to own crypto than Democrats, the difference does not fully account for the 24-point swing in presidential support between crypto owners and non-owners, according to the poll.
Crypto in the driver’s seat this election season
During this election season, both parties have catered to the crypto crowd, aiming to appeal to the crypto community and its financial contributions. The support among crypto owners indicates the increasing influence of digital assets in American politics.
“Trump has been reaching out to the crypto community, and it seems to have paid off. It might be easy to dismiss them as insignificant, but I don’t think people realize exactly how widespread crypto ownership is.”
Executive Director of the poll Professor Dan Cassino.
Trump has not shied away from expressing a pro-crypto sentiment during his most recent campaign trail. Trump’s stance on crypto is in stark contrast to his earlier criticism, in which he famously labeled cryptocurrencies a “scam” in a 2021 interview.
However, during this election cycle, Trump said he would embrace crypto in his next presidential term. “Crypto is moving out of the U.S. because of hostility toward it. I don’t want that. If we are going to embrace it, we will have to let them be here,” he said in a recent rally.
Trump’s strategy to court the cryptocurrency community has been evident in recent months. In July, he delivered a keynote address at Bitcoin2024 in Nashville, where he expressed strong support for the Bitcoin (BTC) mining industry despite concerns about its environmental impact.
On Aug. 29, Trump announced plans to make the U.S. the “crypto capital of the planet” if re-elected, hinting at an initiative led by his sons called World Liberty Financial. While details are limited, the project reportedly focuses on real-world asset tokenization.
On May 21, The Trump campaign introduced a fundraising page that accepts donations in any cryptocurrency available on the Coinbase platform.
On the other side of the aisle, Democrats, led by Harris’s campaign team, launched the Crypto4Harris initiative in early August to engage with the crypto community and counter Republican efforts to attract crypto voters. The campaign aims to develop a pro-crypto policy framework to repair Harris’s relationship with the crypto industry.
As the 2024 Presidential election approaches, Trump’s crypto support may be crucial in swaying undecided voters, particularly among demographics that have traditionally leaned toward the Democratic Party.
Presidential candidate Kamala Harris’ team finally broke their silence on crypto. But is the cautious approach too little, too late?
For months, Kamala Harris’ campaign has been notably quiet on the subject of crypto, leaving many to speculate about the Democratic candidate’s stance on the industry. However, the wait appears to be over.
According to a Bloomberg report this week, during a roundtable event at the Democratic National Convention in Chicago on Wednesday, Harris’ senior campaign adviser, Brian Nelson, provided some insight into her potential policies.
Nelson stated that Vice President Harris is “going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.” Though the statement is vague and refers to “emerging technologies” more broadly, it represents the first public, official stance from the Harris team on the crypto industry.
Nelson also highlighted the need for clear regulations, referencing the fallout from events like the collapse of FTX in November 2022.
The Harris campaign’s so far cautious expression of support for the industry contrasts sharply with rhetoric and promises from Republican nominee Donald Trump, who has been outspoken in his endorsement of crypto during this campaign — though just a few years ago Trump called Bitcoin a “scam” and voiced concerns about it as a threat to the U.S. dollar.
In a historic keynote speech at the Bitcoin conference in Nashville,Trump vowed to fire highly unpopular (in the crypto industry) Securities and Exchange Commission Chair Gary Gensler — a statement that was met with cheers from the audience. In the same speech, he also revealed his intention to create a national Bitcoin strategic reserve in the United States, if elected. In another instance, he pledged support for U.S. crypto miners.
Now with both candidates outlining their views on the industry, it’s evident that the future of crypto in the U.S. could take very different paths depending on the election outcome, making it a slowly emerging bipartisan issue.
Let’s dive deeper into what this could mean for the crypto industry and how Harris’ emerging position might shape the space moving forward.
Uphill battle for Harris
Harris faces a challenging environment for winning over crypto-focused voters, who are already disillusioned by the stringent policies under the current administration, especially what is perceived as the overly authoritarian stance of the SEC under Gensler.
The Harris team’s cautious but positive first public statement this week could be a turning point. But other recent events from the Harris campaign continue to overshadow the sentiment in the crypto community.
Just before the 2024 DNC kicked off in Chicago, and a few day’s before Nelson’s statement, the Democratic Party released its latest platform, a 92-page document very clearly written while President Biden was still running for a second term. The program didn’t include a single mention of crypto — a fact that was mostly criticized in the industry. Though some analysts saw the absence as a potentially positive development, most in the community interpreted it as a continuation of the approach to crypto under Biden.
Also this week, Harris received backlash from the crypto community in response to widely circulating misinformation that the VP had endorsed an earlier proposal from President Biden to tax unrealized capital gains.
The rumor gained traction on X and had many disgruntled crypto traders mistakenly believing that Harris supported a tax that could force them to liquidate significant portions of their portfolios. In reality, the potential tax policy — introduced by the Biden administration in March as a proposal for 2025 policy — would be unlikely to affect most U.S. crypto holders, as it would only apply to Americans with more than $100 million in wealth.
The week before, Harris faced criticism after failing to appear at a virtual town hall organized by the grassroots industry campaign Crypto4Harris. The event was widely seen as a missed opportunity to build trust and engage directly with the crypto community. The absence of Harris herself was particularly noticeable, leaving many viewers disappointed.
High-profile endorsements from figures like Mark Cuban and Senate Majority Leader Chuck Schumer, along with pre-recorded messages from Senator Gillibrand and others, failed to engage the audience, leaving them with more questions than answers.
In light of these recent incidents, the Harris team’s public statement on Wednesday in support of the crypto industry could be seen as a positive first step in addressing these concerns. But words alone won’t be enough, as evidenced by the public backlash.
Public backlash and mistrust
Despite the Harris campaign’s recent statement, many in the crypto community remain unconvinced and wary of placing their trust in her as a genuine advocate for the industry.
Charles Hoskinson, co-founder of Cardano (ADA), voiced sentiment that resonated with many: talk is cheap. He questioned the absence of specific policies or proposals and demanded “specific, tangible actions” to support the crypto industry.
No specific policy or proposal. Just talk. Will gary be fired? What legislation do you support? What executive actions will be issued? Why haven’t you changed the policy RIGHT NOW since you’re president.
Hoskinson’s skepticism was echoed by Eleanor Terrett, a journalist at Fox Business, who highlighted that Harris’ senior campaign adviser, Nelson, didn’t even mention “the words crypto or digital assets” in his statement.
🚨NEW: Harris campaign adviser Brian Nelson said @KamalaHarris will support policies that ensure emerging technologies can continue to grow.
I’ll probably get yelled at for pointing out that he didn’t actually say the words crypto or digital assets, just “that sort of industry.” https://t.co/4gvC3gktJl
On the other hand, there are voices like Adam Cochran, founder of Cinneamhain Ventures and an active industry commentator on X, who sees the statement as a positive first step, all things considered.
This won’t be enough for some of you and that’s fine.
We want to see the policies and we want to see the actions.
BUT, this is the first official statement from the Harris campaign about crypto in *any* capacity and it *is* a positive one.
— Adam Cochran (adamscochran.eth) (@adamscochran) August 21, 2024
Cochran acknowledged the frustration within the community at the lack of concrete actions or policy, but urged people to recognize the import of the fact that this is the first time Harris’ campaign has addressed crypto officially in any form. However, even his attempt to inject optimism was met with backlash.
Critics were quick to dismiss Cochran’s optimism, pointing out that the past four years have shown little to no support for the crypto industry from Harris. They argue that her actions — or lack thereof — speak louder than any vague statements from her campaign team.
Adam no disrespect but the past four years should be proof enough as to how the next four years will play out under Harris. They have shown us by their actions time and time again.🤷🏻♂️
The demand for specific, actionable policies remains strong, and until those are presented, many in the crypto industry will continue to view the Democratic candidates statements with skepticism. Harris has made her move, but it will take much more to convince a community that has long felt neglected.
What do experts think?
To gain a deeper understanding of the potential impact of Harris’ emerging stance on crypto, crypto.news spoke with two experts on the subject.
Nick Anthony, a policy analyst from the Cato Institute, offered a candid perspective on Harris’ position. Anthony highlighted the challenges Harris faces, telling crypto.news that while some Democrats have succeeded in maintaining a bipartisan approach to crypto policy, Harris still has much to prove:
“Individual Democrats have done well to try to keep crypto policy bipartisan. However, if Vice President Harris is going to step out of the shadow of Operation Choke Point 2.0 and Senator Warren’s anti-crypto army, she needs to take an official policy stance herself. Until then, there’s little reason to think the Harris-Walz administration will be any different from the Biden-Harris administration.”
The term “Operation Choke Point 2.0” refers to the perceived recent targeted crackdown on crypto businesses in the U.S., under the guise of general regulatory enforcement — a sentiment believed by many in the industry, who argue that such measures not only stifle innovation, but represent a misuse and manipulation of the law.
Adding to this discussion, Nitin Gaur, co-founder and CTO of Stealth Startup, voiced his concerns over the current administration’s approach to crypto in statement to crypto.news:
“The unjust war on crypto by the incumbent government apparatus and Operation Choke Point 2.0 is a shotgun approach to stymie the growth of an industry. It is not about crypto as a currency, but a new technology that aims to solve the trust system and coordination technology to move the transaction speed forward.”
He stressed the need for meaningful policies that should consider the intersections of technology, including AI, blockchain, and quantum computing, which have the potential to transform not just the financial sector but other fields as well.
Gaur warned that “the current administration has ignored all adjacencies and focused on the ‘currency’ part of the equation — it needs to take time and craft meaningful policies.”
Both experts agree that the path forward requires more than just broad statements. As it stands, the crypto world remains cautious, waiting to see whether Harris can truly differentiate herself and her policies from those of the current administration.
Recent rumors swirling on X wrongly accused presidential candidate Kamala Harris’ of endorsing President Biden’s 2025 proposal for a 25% tax that includes unrealized capital gains. What’s the truth behind the headlines and what caused the confusion?
Earlier this week, thousands of crypto investors found themselves caught up in a whirlwind of misinformation, with many prominent accounts reporting that U.S. presidential candidate Kamala Harris had endorsed a new tax on unrealized gains, originally proposed by President Joe Biden for 2025.
Social media, especially X, buzzed with outrage as people retweeted and reacted to evidently misinterpreted headlines, convinced that Harris wanted to tax unrealized capital gains at 25% next year. The mass disapproval expressed on X seemed to imply that members of the crypto community thought this proposed tax would be all U.S. investors, regardless of their net worth.
Unrealized gains refer to the amount an asset has gained in value (let’s say in USD) before you sell the asset and take the profit. So if you bought Bitcoin at $50,000 and now you’re seeing your BTC has grown more than 22% at today’s prices, you don’t actually realize those gains until you sell your BTC.
BREAKING: Kamala Harris endorses raising long-term capital gains tax to 44.6%, also backing a 25% tax on unrealized capital gains of wealthy individuals.
The outcry was evidently fueled by a misunderstanding after Harris’ campaign team last week released her economic plan, as well as stated on Monday that, if elected, she would raise the corporate tax rate — a proposal previously put forward by the Biden administration.
Many were quick to assume that Harris’ team had officially endorsed the current administration’s entire tax policy proposal for 2025, which mentions unrealized gains as part of a new minimum tax on the ultra wealthy.
But as happens with rapidly spreading rumors, this just wasn’t true.
As pointed out by crypto investor, professor and well-known analyst on X, Harris’ team did not endorse, comment on or otherwise reference the 256-page document entitled “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” which was published in March of this year.
So you fuckwits did it again and ran up the rumor mill.
Harris did not endorse an “unrealized gain” tax.
-Harris’ campaign endorsed the *increases* in tax rate on corporate tax and personal tax rate over $400k in this plan.
— Adam Cochran (adamscochran.eth) (@adamscochran) August 20, 2024
However, someone on X had read at least part of the extensive proposal from Biden-Harris administration. Included in the document is a new minimum tax of 25% on total income (including unrealized capital gains) for people with more than $100 million in wealth:
“The proposal would impose a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million.”
Biden’s tax proposal for 2025
Taken out of context — both that this is a proposal from the current administration and it is only applicable to a very limited group of highly wealthy individuals, and also that Harris and her team didn’t even endorse this proposal — the rumors took on a life of their own and spread across the crypto community.
Let’s break down what we do know about Harris’ proposed tax policy, how it might impact the crypto market, and what experts have to say about it.
Decoding Harris’ taxation proposal and its impact on crypto
Last week, Harris did in fact reveal part of her proposed economic agenda, which included a series of tax proposals. While the details are still emerging, let’s break down what we know so far.
First, as noted above, Harris has expressed support for raising the corporate income tax rate from 21% to 28%. This move is expected to generate significant revenue for the federal government, potentially increasing tax receipts by up to $1.4 trillion over the next decade.
This proposed increase in the corporate tax rate could impact crypto companies, especially larger entities like exchanges or mining operations.
Higher taxes could lead to reduced investment in new projects or increased fees for users as companies seek to cover their rising tax obligations.
Another key aspect of Harris’s economic agenda is focused on making housing more affordable. She’s proposing several tax incentives to encourage the construction of new homes, particularly for first-time buyers and renters.
For instance, she plans to offer tax breaks to companies that build affordable housing and provide up to $25,000 in down-payment support for new homeowners to address the rising costs of housing in the U.S.
While the question of tokenized real estate could come into play here, it’s not clear that the housing-related policy proposals affect crypto holders in any particular way.
What is Biden’s proposal for capital gains tax?
Again, the confusion surrounding Harris’ rumored (but actually fake news) endorsement of Biden’s proposed tax on unrealized capital gains stems from a couple of misunderstandings. But even though Harris did not endorse the plan, it’s not unreasonable to suggest she might do so in the future. So let’s take a look at what Biden’s plan for 2025 tax policy actually entails.
In general, Biden’s proposal includes several tax policy changes aimed at increasing the tax burden on the wealthiest Americans. The proposal argues that current long-term capital gains tax policy in particular disproportionally benefits the very wealthy:
“Preferential tax rates on long-term capital gains and qualified dividends disproportionately benefit high-income taxpayers and provide many high-income taxpayers with a lower tax rate than many low- and middle-income taxpayers.”
The proposal seeks to close the so-called “loophole” in the current system that let’s wealthier individuals pass on the appreciated value of their assets to their beneficiaries without ever paying income tax on those gains.
Currently, long-term capital gains — profits from the sale of assets held for more than a year — are taxed at a maximum rate of 20%, or 23.8% when including the 3.8% net investment income tax, with a few exceptions.
For high-income earners with taxable income exceeding $1 million, Biden’s proposal would tax long-term capital gains at ordinary income tax rates, which could reach as high as 37%, or 40.8% with the NIIT.
However, this is not the end of the story. Another proposal within the budget seeks to increase the NIIT by 1.2% points for those earning over $400,000, bringing the total NIIT to 5%.
This combination would effectively push the maximum tax rate on long-term capital gains and qualified dividends to 44.6% for the wealthy.
To break it down: this 44.6% rate is the result of combining the proposed 39.6% top ordinary income tax rate with the increased 5% NIIT (which includes the additional 1.2% hike for high earners).
What about unrealized gains?
The highly controversial phrase “unrealized capital games” is included in Biden’s 2025 proposal as part of a minimum income tax (25%) for the wealthiest Americans who have wealth (meaning assets minus liabilities) of over $100 million. This minimum tax for the”extremely wealthy”, as previously noted, would include unrealized capital gains and reportedly represents an effort to address the loophole in the current system.
But how many Americans would even be affected by such a change in tax policy? The answer is less than 10,000. According to a 2024 U.S. wealth report published in March, there are currently 9,850 individuals in the U.S. who qualify as “centi-millionaires” — aka have wealth of $100 million or more.
That means, to clarify, that the conversation that took X by storm earlier this week was actually about a tax proposal that would affect just 0.0028% of the U.S. population — and that the current Democratic candidate for president hasn’t even endorsed.
For most crypto traders and investors, of course, the widely discussed and criticized tax proposal would most likely be irrelevant.
Public reaction and controversy
The recent debate around Vice President Harris and her (rumored) stance on taxing unrealized capital gains ignited a firestorm on social media.
Reports suggest that Harris is aligned with the Biden administrations 2025 tax proposals, but Harris and her team have yet to endorse all of the proposed changes officially.
Notably, a January 2024 analysis by Americans for Tax Fairness revealed that U.S. billionaires and centi-millionaires held a staggering $8.5 trillion in unrealized capital gains in 2022, which could be a potential goldmine for federal revenue, but, clearly, has also sparked intense debate.
Certified financial planner and CNBC advisor council member Douglas A. Boneparth went for a direct attack, calling the idea of taxing unrealized gains “dumb.”
Just a friendly reminder that taxing unrealized capital gains is dumb.
Aaron Levie, CEO of Box, shares the same belief, stating that “unrealized gains are simply a field in a database and not useful until converted into something of value.”
Any proposed policy to tax unrealized capital gains is bad policy. Unrealized gains are simply a field in a database and not useful until converted into something of value.
Interestingly, according to Polymarket, while Harris was once leading the race with strong odds of winning the election, her chances have recently dipped to 46%. Meanwhile, Trump, who was slightly behind, has retaken the front seat with odds now at 53%.
2024 U.S. presidential election winner bets on Polymarket | Source: Polymarket
In the end, whether you view the idea as a necessary step toward equity or as simply “a field in a database,” one thing’s for sure — when it comes to tax policy, the devil is in the details. And if social media has taught us anything, it’s that even the smallest detail can cause a big stir.
Political meme coins are a bust as digital tokens inspired by Republican presidential candidate Donald Trump plummet in value.
TrumpCoin (DJT) token crashed to a record low of $0.000157
MAGA: Fight for Trump (TRUMPCOIN) slipped to $0.0059, giving it a market cap of over $5.9 million.
MAGA (TRUMP), the biggest Trump-themed token, continued to fall by over 53% from its highest point this year.
Trumpcoin vs MAGA vs TRUMP tokens | Source: crypto.news
Trump
The same trend has happened in the stock market where the Trump Media & Technology Group stock has fallen to $23, its lowest point since April.
One reason for this sell-off is that Trump’s odds of winning the general election have slimmed after President Joe Biden exited the race.
According to a Polymarket poll with over $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% on Aug. 18, meaning that her odds have slipped in the past few days.
A national poll by the New York Times shows that Harris has a 49% chance of winning the presidency against Trump’s 47%. She also leads in some states like Wisconsin, Michigan, and Pennsylvania, while Trump leads in Arizona and Georgia.
Still, it is too early to predict who will win the election since most of these polls are within a margin of error.
Meme coins retreat
The ongoing retreat of tokens like Trumpcoin, Maga Hat, Trump, and Maga coincide with the ongoing meme coin crash.
Most meme coins have been in a steep sell-off in the past few weeks, bringing their total market cap to over $38 billion, down from the year-to-date high of over $63 billion. Most of them, including popular names like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) have fallen by double digits from their highest points this year.
Meanwhile, Bitcoin is consolidating between the support level at $57,000 and the resistance point at $61,000. Typically, meme coins underperform the market when Bitcoin is not doing well.
On the positive side, there are signs that politicians are warming up to crypto. Trump often promises at his rallies and on his social media platform, Truth Social, that he plans to enact crypto-friendly policies if he wins a second term.
Democrats have also started to embrace cryptocurrencies and are working on a crypto regulation bill, according to recent comments from Senate Majority leader Chuck Schumer.
Was the absence of any mention of Bitcoin during the Musk-Trump interview a deliberate omission, or does it indicate a deeper shift in Trump’s crypto strategy for the upcoming election?
Table of Contents
The anticipation was palpable when Elon Musk, the tech mogul behind X (formerly Twitter), announced that he would host an interview with Republican presidential nominee Donald Trump on his platform.
Billed as a major conversation, the event attracted a flurry of attention from both political enthusiasts and the crypto community. However, the session took an unexpected turn even before it began.
For over 45 minutes, eager listeners were left in the dark as the interview faced a critical delay. Musk later revealed that the interruption was due to a “massive DDOS attack on X,” speculating that the attack was likely due to “a lot of opposition to people just hearing what President Trump has to say.”
There appears to be a massive DDOS attack on 𝕏. Working on shutting it down.
Worst case, we will proceed with a smaller number of live listeners and post the conversation later.
Despite the rocky start, the conversation eventually went live. However, against all predictions, not a single word about crypto or Bitcoin (BTC) was uttered during the entire session.
This silence is especially surprising given the widespread speculation that Trump if elected, could shape the future of digital currencies in America.
So, what happened? And with crypto off the table, does this signal a shift in Trump’s stance or his priorities? Let’s find out.
Unpacking the drama
As the conversation between Musk and Trump unfolded on X, it quickly became apparent that this was no ordinary interview.
Spanning over two hours, the discussion was dominated by Trump, who often spoke at length—sometimes with a pronounced lisp — leaving Musk with little room to interject. The topics ranged widely, covering energy policy, climate change, immigration, and others.
Early on, Musk and Trump discussed the recent assassination attempt on the former president.
Trump then shifted the focus to his stance on increasing U.S. oil drilling, a view that directly clashes with Musk’s business interests, particularly Tesla’s focus on electric vehicles and sustainable energy.
Throughout the conversation, Musk mentioned his past affiliation with the Democratic Party, hinting at a recent shift toward more conservative views.
While the session attracted 1.3 million listeners at its peak, many were puzzled by the absence of any discussion on Bitcoin or crypto — a topic that seemed almost inevitable given the profiles of both Musk and Trump.
Polymarket, a popular prediction platform, had bettors convinced that digital assets would be a key part of the discussion, with odds peaking at 69% for a “Bitcoin” mention.
Crypto’s omission didn’t just surprise listeners — it also had stark financial implications. Nearly $5 million was riding on Polymarket bets about Trump’s choice of words, with “crypto” leading the pack.
Despite these high stakes and widespread anticipation, the word never came up, leading to an unexpected outcome for many bettors.
However, one Polymarket user, going by the name bama124, managed to navigate this uncertainty with remarkable precision. By accurately predicting the exact words Trump would — and wouldn’t — say, including the omission of “crypto,” bama124 walked away with almost $1 million.
The bettor had placed wagers on several key phrases, such as “crypto,” “Bitcoin,” “Tesla,” and “censorship,” correctly forecasting that none would be mentioned by the former president.
Trump’s declining odds on Polymarket
In the months leading up to the presidential election, Donald Trump seemed to be on a steady path to victory. His odds of winning on Polymarket had been rising since May, peaking at over 72% on July 16, shortly after he survived an assassination attempt.
At that time, Trump was considered the frontrunner, especially as Joe Biden’s credibility took a hit after the first presidential debate, ultimately leading to Biden dropping out of the race.
The game changed with Kamala Harris entering the presidential race. Now the leading Democratic candidate, Harris has rapidly gained traction, and the odds reflect this shift.
As of August 13, Trump’s winning odds on Polymarket have dropped to 46%, while Harris has surged ahead with 52%. The contest has already attracted nearly $583 million in total bids—and there are still three months left until the election.
It’s worth noting that Harris’s campaign has been bolstered by active support from key figures in the crypto industry.
Influential personalities like Mark Cuban and Anthony Scaramucci, both of whom support Harris, are scheduled to participate in a virtual event this week to further her campaign.
Additionally, a support group named “Crypto for Harris” has been launched, aiming to mobilize voters and enhance fundraising efforts within the crypto community.
Once the favored candidate, Trump now finds himself playing catch-up as the election approaches, with the political tide seemingly turning in Harris’s favor.
Trump’s mood swings?
Throughout 2024, Trump has made several moves to court the crypto community as part of his presidential campaign.
Back in May, he began accepting crypto donations, signaling a shift in his stance after previously expressing skepticism.
This was followed by his specific support for Bitcoin miners in June, where he expressed hope that the remaining Bitcoin would be mined right here in America.
To top it off, Trump was the main guest at the Bitcoin Conference held in Nashville at the end of July, further solidifying his appeal to crypto voters.
However, despite these gestures, Trump’s recent interview with Musk suggests that his stance on crypto may not be as solid as it seems.
The complete absence of any discussion on digital assets during the two-hour conversation has left many in the crypto community scratching their heads.
Was this an intentional omission, or does it hint at a more ambiguous position on the issue? It’s hard to say, but the silence certainly speaks volumes.
Bettors on the market predictions platform Polymarket have increased their wagers on the Democratic presidential runner following her new pro-crypto campaign.
Fox Business reported that a lobby group for U.S. Vice President Kamala Harris called “Crypto for Harris” will host a virtual town hall meeting, challenging Donald Trump’s influence within the cryptocurrency space.
The date hasn’t been confirmed yet, but the report claims the meeting will be held next week.
Per the report, some Democratic members of the House of Representatives along with pro-Bitcoin (BTC) billionaire and entrepreneur Mark Cuban and SkyBridge Capital founder Anthony Scaramucci will speak at the event.
Moreover, the advocacy group has also invited top Democratic Senate leaders to promote the Harris campaign, according to Fox Business.
Last month, Trump, former U.S. president and Republican presidential runner, garnered huge attention from the crypto community for supporting the digital asset space and hinting at creating a national BTC reserve at the Bitcoin 2024 conference in Nashville.
However, the recent pro-crypto movements from the Democratic candidate have brought her support from the cryptocurrency ecosystem.
According to data provided by Polymarket, bettors have increased their stakes in Harris’ chance of winning the 2024 U.S. elections this November. Currently, the odds of Harris winning the elections surpassed Trump’s, reaching 50%.
Bets on U.S. presidential elections – Aug. 8 | Source: Polymarket
Data shows that Trump’s chance of winning declined from 53% on Aug. 6 to 49% at the time of writing.
So far, the total amount of bets on the U.S. elections has reached $547 million on Polymarket.
On Aug. 6, the Democratic presidential candidate chose Minnesota Governor Tim Walz as a potential vice presidential pick. This suddenly increased Harris’ odds of winning by 3%, reaching 46%, on Polymarket on the same day.
DJT plummets 90.8%, reflecting the volatile nature of meme coins in the crypto landscape.
TrumpCoin (DJT), a controversial meme token, has experienced a significant price decline, dropping 90.8% in only 3 hours.
At the time of writing, the token, which is not officially affiliated with Donald Trump, had a value of $0.0004581 per data from CoinGecko. At one point, the coin had gone as low as $0.0001203, marking a dramatic 95% drop.
4-hour DJT price chart, Aug. 6, 2024 | Souce: TradingView
Despite this sharp decline, the trading volume surged, reaching $1.79 million. This unusual increase in trading activity suggests heightened investor interest, possibly driven by attempts to either capitalize on the price drop or liquidate positions.
The broader cryptocurrency market has also been experiencing volatility. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen significant price reductions, contributing to a broader sell-off in the market.
This market-wide downturn has been exacerbated by global economic factors, including disappointing tech earnings and weak employment data, which also impacted traditional equity markets.
Multiple reports about the token’s origins and affiliations have added to the confusion surrounding DJT. Controversial figure Martin Shkreli claimed involvement in creating TrumpCoin, sparking rumors of official connections to Donald Trump, which close Trump associates have publicly denied. These claims have muddled the market, leading to speculative trading and confusion among investors.
This uncertainty has fueled price volatility and led to significant bets on platforms like Polymarket, questioning the token’s origin and authenticity.
Interestingly, several other Trump-themed meme coins seem to be doing well, with MAGA (TRUMP) up nearly 20% in the last 24 hours.
Elsewhere, a meme coin playing on the name of Donald Trump’s Democratic opponent in the upcoming U.S. presidential elections, Kamala Horris (KAMA), also experienced a torrid 24 hours, with its price decreasing by 12.4%.
It performed even worse over a seven-day period, dropping a massive 43% of its value, even as Harris tries to reset relations with the crypto industry.
Two meme coins riding on the name of new Democratic presidential candidate Kamala Harris have seen notable fluctuations in the last 24 hours.
Kamala Harris (HARRIS) has experienced a remarkable 115.46% increase over the past day and is currently trading at $0.001936.
This surge is significant considering its market cap of $1.66 million and a 24-hour trading volume of $545,423.
HARRIS 24-hour price chart for Aug. 3-4: Source: CoinMarketCap
The token’s fully diluted market cap currently stands at $1.94 million, with a circulating supply of nearly one billion HARRIS tokens. However, the market has shown some caution, as indicated by a 16.06% decrease in its trading volume over the previous day.
Elsewhere, another Harris-themed meme coin, Kamala Horris (KAMA), has shown a contrasting trend, with its price currently at $0.01718, up by 26.7% in the past 24 hours.
KAMA has a market cap of $17.13 million and a 24-hour trading volume of $10.15 million. The token’s fully diluted valuation mirrors its market cap, with a total and circulating supply of nearly 995.5 million KAMA tokens.
Despite this positive movement, KAMA’s historical data shows a more volatile journey. Over the past seven days, KAMA has dropped by 25.4%, though it remains up by 55.8% over the past 14 days.
This volatility could be a reflection of the market’s mixed reactions to the political shifts and the broader uncertainty in the crypto space.
The bigger picture: market sentiment and political influence
The overall sentiment towards the HARRIS and KAMA tokens highlights the impact of political developments on the crypto market.
Harris is seeking to reset ties with the crypto community. Following President Joe Biden’s announcement of not running for re-election, she was positioned as the presumptive Democratic nominee.
Since then, she has made efforts to rebrand the Democratic Party to be more crypto-friendly, especially with the industry facing regulatory scrutiny.
The U.S. Securities and Exchange Commission (SEC) and its Biden-nominated chair, Gary Gensler, remain points of contention for many in the crypto community.
Harris has reportedly initiated dialogues with major crypto firms like Coinbase, Circle, and Ripple Labs, to distinguish herself from the previous administration’s stringent crypto stance.
The potential for her to attend major crypto conferences and engage with industry leaders could either bolster or hinder her campaign, depending on how convincingly she can separate herself from previous policies.
Harris’ opposition
Meanwhile, a meme coin tied to Republican nominee Donald Trump is on the downtrend.
The MAGA (TRUMP) coin witnessed a notable drop while the Harris-themed coins enjoyed an impressive rebound.
See below.
TRUMP 24-hour price chart for Aug. 3-4: Source: CoinMarketCap
At last check, the coin was hovering at around $4.32, down more than 4.6% with a market cap of roughly $189.7 million.
The MAGA decline comes on the heels of a Trump rally at the Georgia State University Convocation Center in Atlanta.
During the Saturday event, Trump falsely claimed that he won the state of Georgia during the 2020 presidential election and leveled personal attacks against fellow Republicans, Georgia Governor Brian Kemp and secretary of state, Brad Raffensperger for being disloyal.
What’s next
Bloomberg reported that the Harris campaign is hosting a roundtable event on Aug. 5 that will feature prominent figures from both her election campaign and leaders from the crypto community.
It’s the latest attempt from Democrats to reshape how crypto enthusiasts perceive the party ahead of Election Day on Nov. 5.
Crypto expert and ex-Binance adviser David Plouffe, who previously worked for former President Barack Obama, is reportedly advising Harris.
Plouffe is also a global strategic advisor to Alchemy Pay, a fiat-crypto payment solutions provider.
