Polymarket users are increasingly confident of Democratic candidate Kamala Harris becoming president following a key announcement.

Polymarket bettors heaped more wagers on Kamala Harris beating former president Donald Trump on the ballot after she picked Minnesota governor Tim Walz as her Vice President. 

The odds of Kamala Harris winning this year’s presidential election reached an all-time high of 46% on Polymarket after Democrats revealed the crypto-skeptic running mate.

The “Presidential Election Winner 2024” bet is by far Polymarket’s largest election prediction pool, with over $508 million spent on buying what the platform calls outcome shares. Shares tipped in Trump’s favor traded for 53 cents with a 53% chance of a Republican victory. Over $64.7 million in bets were placed on this outcome against $50.8 million in wagers on Harris.

Polymarket and industry react to Harris-Walz Dem ticket

Although Harris’ odds increased after picking Walz, the Minnesota governor has not shown a pro-crypto opinion. Conversely, as VanEck’s head of digital asset research, Matthew Sigel, pointed out, Walz pressed for stricter crypto regulatory policies to protect America’s economic and financial stability.

Crypto social media sentiment seemed to regard the move as bearish since Walz has partially scrutinized digital assets or avoided commenting on the industry altogether. After President Joe Biden’s regime oversaw the longest crypto crackdown, a growing voter bloc may seek a different approach from the White House. 

The industry is somewhat divided between Trump’s lofty Bitcoin (BTC) promises and chances that a potential Harris-led administration may reconsider its interaction with the burgeoning crypto ecosystem by repairing ties.

VP Pick Governor Tim Walz of MN has advocated for stricter crypto regulations to ensure the financial system’s security & stability & protect consumers from potential fraud & abuse.

— matthew sigel, recovering CFA (@matthew_sigel) August 6, 2024