Degens Lose Again After Betting That Trump and Harris Would Debate Bitcoin and Crypto

While viewers and commentators might debate who won last night's presidential debate between Donald Trump and Kamala Harris, Polymarket bettors hoping that they would reference Bitcoin under the national spotlight were undoubtedly losers.

Bitcoin and cryptocurrency went unmentioned during Tuesday’s high-stakes matchup between the Republican and Democratic nominees, souring bets on crypto prediction market platform Polymarket in the process.

Traders wagered approximately $217,000 and $502,000, respectively, on whether Trump or Harris would reference Bitcoin or crypto on the debate stage. Just before the verbal sparring began, Trump had a 26% chance of fulfilling that vision versus Harris’ 9% odds, according to bettors.

While Polymarket has emerged as a tool for forecasting the ultimate outcome of November's election, this isn't the first time that bettors on the blockchain-based platform have lost cash wagering on Bitcoin and crypto discussion in a debate.

Before Trump faced off against President Joe Biden in June, Polymarket traders penciled in a 57% chance that Trump would mention Bitcoin or crypto. Prior to that spectacle, Polymarket traders had ponied up $345,000 on the potential Trump reference.

Meanwhile, the crypto industry has been pouring massive amounts of cash into 2024 elections, supporting crypto-friendly candidates while trying to stifle skeptics. Harris has left the issue of crypto regulation untouched since her upstart candidacy began, while Trump has gone all-in as a self-described “crypto president.”

Stand With Crypto, a crypto advocacy organization, was among those hoping that Bitcoin or crypto would be mentioned during Tuesday’s debate. 

The nonprofit initially launched by Coinbase encouraged digital asset owners to send ABC, the debate’s host, a letter asking moderators to include a crypto question.

“Giving the major Presidential candidates a chance to weigh in on this transformational technology [...] would go a long way towards educating the electorate,” a pre-drafted letter on Stand With Crypto’s website stated.

Before Trump and Biden squared off months ago, the nonprofit mustered 2,300 emails asking CNN to include a crypto question in that matchup, according to a press release.

So far, Bitcoin and crypto haven’t had a high-profile political moment, aside from Trump’s July speech at the annual Bitcoin Conference in Nashville. Still, Harris’ team indicated Wednesday that the vice president would be open to another televised matchup.

Edited by Andrew Hayward