Crypto bettors still favor Trump in election despite conviction
Donald Trump's recent conviction in a New York courtroom has not shaken the confidence of cryptocurrency bettors who are betting on the outcome of the 2024 US presidential election. Despite the verdict, odds on cryptocurrency betting site Polymarket show Trump's odds remain steady at around 56%. Even after the verdict, real-time odds fell only slightly to 53-55%.
Interestingly, Polymarket users had a 77% expectation of a guilty verdict, but only a small amount of $204,000 was bet on this result. Larger bets - $800,000 - are being placed on whether Trump will be jailed before Election Day, with the odds increasing slightly after the verdict from 14% to 17%.
The verdict has drawn mixed reactions. As Crypto Twitter user noted, some, like Messari's Ryan Selkis, took it as a call to arms to support Trump. Others, such as Adam Cochrane of Cinneamhain Ventures, saw it as confirmation of Trump's criminality. Despite the initial drop, pro-Trump tokens quickly recovered, reflecting belief that the verdict could strengthen his political prospects. Eric Voorhees of ShapeShift noted that the trial focuses on a relatively minor crime.
According to decrypt.co
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