By
Godfrey Benjamin
June 28th, 2024
Following the debate between Trump and Biden, PoliFi tokens, including Biden-theme cryptocurrency Jeo Boden (BODEN), turned volatile.
The chances of the current United States President Joe Biden dropping out of the 2024 presidential race have surged significantly, as per a poll conducted on Polymarket, a decentralized prediction market platform. Biden is facing stiff competition from Republican candidate and former US President Donald Trump.
A number of users voted “yes”, expecting Biden to drop out of the presidential race in 2024. Notably, there is now a 43% chance that the current president will drop, a significant surge from 19% in the past 24 hours following the first debate between Trump and Biden, which happened on June 27, as reported earlier by Coinspeaker. However, the topic of cryptocurrencies remained unaddressed during the debate, which the digital asset sector did not expect.
It is important to note that Polymarket’s “Biden drops out of presidential race?” bet has attracted over $7.185 million worth of bets from participants. A participant said that those who believe that Biden would not drop out are “delusional”, with another participant highlighting that Biden is the oldest sitting president and should drop out because the “physical and mental demands of the presidency are immense.”
While the crypto community sees Biden’s victory as a threat to the digital asset sector, a Gallup poll confirmed that crypto is a focus point for American voters. Voters are more focused on the topics surrounding the US economy, inflation, poor governance, and immigration.
While it was disappointing for crypto and Web3 to not be mentioned in the debate, Trump and Biden have both addressed the community’s concerns in the past few weeks. The crypto sector has supported Trump, who has clearly stated that he would regulate digital assets and make their adoption easier.
Under Biden’s administration, the crypto market has suffered immensely, including the collapse of FTX and several banking firms like the First Republic, which is now a part of JPMorgan Chase, and the crypto-friendly bank Signature Bank. Additionally, the US SEC’s crackdown on crypto firms hasn’t helped Biden’s case either. SEC Chair Gary Gensler recently declined to talk about the upcoming elections and how they could affect the agency’s stance on digital assets.
Crypto executives have also come out in support of Trump, with crypto exchange Kraken’s chief executive donating $1 million in digital assets to the billionaire for his campaign. Trump announced that he would accept crypto as campaign donations in early May, making his support for cryptocurrencies public.
Rise and Fall of PoliFi Tokens
Following the debate between Trump and Biden, PoliFi tokens, including Biden-theme cryptocurrency Jeo Boden (BODEN), turned volatile. As per CoinMarketCap, Boden dropped 45.62% in the past 24 hours and is currently priced at $0.07344 while Trump-themed cryptocurrencies including Super Trump (STRUMP) and NEVER SURRENDER (TRUMP) dropped 18.42% and 43.55%, respectively, priced at $0.01239 and $0.00000157, respectively.
The two candidates failed to mention crypto in their debate, and as a result, the tokens associated with them plunged. However, their second debate is scheduled for September 10, and it is certainly possible that digital assets might be discussed.
Another presidential candidate, Robert F. Kennedy Jr., who didn’t meet the criteria set by CNN for the debate, held an alternative “real debate” on X, addressing cryptocurrencies in his answers.