Cryptocurrency Worth Over $1 Billion to Play Major Role in Upcoming US Election

Cryptocurrency Worth Over $1 Billion to Play Major Role in Upcoming US Election

Over $1 billion worth of cryptocurrency is expected to be directly or indirectly involved in the forthcoming US presidential and congressional elections in November, according to a report by cryptocurrency news outlet BeInCrypto. This represents a significant increase from previous elections, with cryptocurrency industry donations now outpacing those from traditional industries. One of the most notable changes in the way cryptocurrency is involved in elections is the rise of decentralized prediction platforms like Polymarket. These platforms allow users to bet on the outcome of elections using cryptocurrency, and have seen a surge in activity in recent months. For instance, over $895 million in cryptocurrency has been allocated to bets on the winner of the presidential election on Polymarket, while $200 million has been bet on the winner of the popular vote. In addition to direct political contributions and prediction platforms, crypto-themed meme coins tied to politicians and the election have also seen significant growth in recent months. The combined market capitalization of these coins has surpassed $440 million. The increasing involvement of cryptocurrency in elections is a sign of the growing mainstream acceptance of digital assets. It is also a reflection of the growing influence of the cryptocurrency industry, which is now a major player in the global financial landscape.