Is Bitcoin Making the U.S. Elections More Efficient?

Sahana Kiran
bitcoin
Source – Teen Vogue

The cryptocurrency market, particularly Bitcoin [BTC], saw increased interest from U.S. politicians. Former President Donald Trump and Joe Biden, the current president of the U.S., seem to have caught the cryptocurrency bug ahead of the 2024 elections. Amidst this, Bernstein, a prominent brokerage firm, revealed how the digital asset industry could make the whole election process more efficient.

Leading prediction market Polymarket, which is run on blockchain technology, has recently made headlines in the cryptocurrency market. The network runs on the Ethereum Layer 2 network Polygon and makes use of an automated market maker pool. With the stablecoin USDC, Polymarket allows users to bet on a wide range of activities. This not only includes politics but also sports and entertainment.

It might be challenging for beginners to get into the blockchain sector. But Polymarket makes using it easier. Several media outlets have been suggesting that Polymarket is one of the “defaults” when it comes to election outcomes. Bernstein analysts Gautam Chhugani and Mahika Sapra further added,

“….by bringing transparency in building liquid and efficient election markets, Polymarket (built on crypto) is ironically leading to a greater appreciation of the technology and its significance to politics.”

Also Read: Donald Trump Touts Bitcoin Mining As Final Defence Against CBDC

Is Trump Dominating the Charts?

With a 66% likelihood of winning, Trump is in the lead on the page “Who will win the U.S. presidential election in 2024?” In addition, there are already $205.5 million in bets on this, making it the most liquid. Accordingly, users may purchase a single Trump share for 63 cents, and should he win, they would receive $1.

Source

If former president Donald Trump wins the US presidential election in 2024, digital assets might rise, according to Bernstein analysts. They believe that Trump would enact laws that are favorable to cryptocurrencies, which might hasten the institutional adoption of cryptocurrency. The analysts revealed,

“The value for a Biden share has dramatically declined by more than 50% from 39 cents just a month back to 18 cents today. Kamala Harris and Michelle Obama are the next biggest markets with 5 cents and 4 cents, signifying a 5% and 4% chance respectively.”

Also Read: Biden & Trump To Discuss Cryptocurrency in the Upcoming Debate?