On cryptocurrency prediction and betting platform Polymarket, users ar betting on former U.S. President Donald Trump winning the 2024 Presidential elections in the country, currently giving Trump a 55% change to do so, over current President Joe Biden’s 39%.

According to data from the cryptocurrency prediction platform, bets exceeding $19 million have been placed on the forthcoming U.S. Presidential election. While Trump and Biden are the primary contenders, other notable figures like Gavin Newsom, Robert F. Kennedy Jr., and Michelle Obama are also considered potential candidates, each with over a 1% chance of Victory by the platform’s users.

All remaining candidates are currently assigned less than a 1% likelihood of winning, indicating a clear focus on the leading figures. Ryan Selkis, founder and CEO of Messari, has noted Trump is the “favorite to win the presidency” and criticized that cryptocurrency executives aren’t supporting him.

In response, some users suggested that around 2019 Trump “was very loud about being anti crypto and anti Bitcoin.” Trump’s rise to being given a 55% chance came after two traders “bought almost 2 million shares combined,” according to another user.

As CryptoGlobe reported, Trump has recently affirmed he would oppose the Federal Reserve creating a Central Bank Digital Currency (CBDC) – a stance he attributed to the economic vision of Vivek Ramaswamy.

This revelation came during Trump’s campaign stop in Laconia, New Hampshire, where he reiterated his stance against the federal government issuing a digital dollar. Trump’s warnings regarding CBDCs align with his broader economic and political agenda, resonating with his conservative base.

The Federal Reserve has been exploring the concept of a Central Bank Digital Currency (CBDC) but had not made a definitive decision on implementing one.

In January 2022, the Federal Reserve released a discussion paper that examined the potential benefits and risks of CBDCs in the United States. This paper was intended to solicit public and expert opinion on the matter.

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