Polymarket Sees Biden\'s Odds Of Finishing His Tenure Dip To 68% As He Announces Withdrawal From 2024 Race

Cryptocurrency bettors have been betting against Biden for quite some time, and even before the formal announcement, the odds of him pulling out of the race soared.

President Joe Biden's odds of finishing his term have dropped sharply in a cryptocurrency-based prediction market after the 81-year-old announced he will not seek re-election in 2024.

Polymarket, which claims to be the world's largest prediction market, showed Biden's odds of completing the rest of his term fell to 68% from 75% in the last 24 hours.

The odds were largely in Biden's favor until June 27, with over 90% predicting he will finish his tenure. However, a below-par performance by the incumbent during the debate seems to have pushed cryptocurrency bettors towards the other side.

Meanwhile, Biden's endorsement of Vice President Kamala Harris as the Democratic nominee had little impact on the odds, with Republican challenger Donald Trump's chances of winning the election remaining largely unchanged in the last 24 hours at 64%.

At the time of writing, Harris' odds of winning stood at 30%.

Launched in 2020, Polymarket is a decentralized prediction market that allows users to bet on major world events using cryptocurrencies. The platform has quickly become one of the leading U.S. election prediction markets, although it currently does not allow users in the U.S. to trade on its predictions.

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The backdrop: Biden's decision comes after weeks of speculation about his health and ability to effectively campaign against Trump. A poor performance in the presidential debate brought these concerns to the forefront of political discourse.

Cryptocurrency bettors have been betting against Biden for some time now, and even before the formal announcement, the odds of him dropping out of the race were increasing.

On the other hand, Donald Trump's candidacy has gained support from cryptocurrency enthusiasts due to his newfound interest in the asset class, even positioning himself as the "crypto president."

Price action: At the time of writing, the Joe Biden themed coin, JEO BODEN BODEN/USD, was trading at $0.008428, down 60% in the last 24 hours, according to Benzinga Pro data.

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