What does the market think of Biden's withdrawal from the race?
After Biden announced his withdrawal, Trump posted on the social platform Truth Social, "Biden is not fit to run for president, and certainly not fit to hold office! He got the presidency through lies and fake news, and everyone around him, including his doctors and the media, knows that he is incapable of being president."
CNN also reported that Trump believes it is easier to defeat Kamala Harris in the November presidential election than to defeat Biden.
According to the predictions for this year's presidential election on the decentralized prediction market platform [Polymarket][1], the market is still more optimistic about Trump. Although the proportion of people predicting Trump's election has dropped slightly, Trump still has a 65% chance of winning, far ahead of Kamala Harris' 29%. At the same time, former US First Lady Michelle Obama, who is also speculated by the market to have a chance to succeed Biden, has only a 3% approval rating.
However, after Biden expressed support for Harris' campaign, former President Bill Clinton, former Secretary of State Hillary Clinton, and cryptocurrency critic Senator Elizabeth Warren also expressed their support.
Harris said in a statement: "I am honored to have the president's support. My goal is to win this nomination. I will do everything I can to unite the Democratic Party and unite our country to defeat Trump and his extreme plans."
It is not clear what Harris' attitude towards the cryptocurrency industry is. She has never publicly shared any views in support or opposition in the past. As for how this increasingly fierce election campaign will develop, it will take time to observe.
