Trump Vice President Pick: Crypto Bettors Backing Haley, Ramaswamy, DeSantis — And This Potential Frontrunner
Portfolio Pulse from Chris Katje
Former President Donald Trump won the Iowa caucus and is a step closer to the GOP nomination for the 2024 presidential election. The article discusses the betting odds on Polymarket for Trump's potential vice presidential pick. Elise Stefanik is currently the favorite, followed by Kristi Noem, Vivek Ramaswamy, Tim Scott, and Nikki Haley. Ron DeSantis and Haley are seen as less likely picks due to past conflicts with Trump. Polymarket uses cryptocurrencies like MATIC, USDC, and ETH for betting, and the political betting market is gaining popularity, surpassing even the betting on Bitcoin ETF approvals.
January 23, 2024 | 11:52 pm
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NEUTRAL IMPACT
Ethereum's ETH is mentioned as a deposit method for Polymarket, which could see a minor impact on its usage but not necessarily its price due to its already widespread adoption.
ETH is one of the cryptocurrencies accepted for deposits on Polymarket. However, given Ethereum's large market and multiple use cases, the effect of this particular use case on its price is likely to be minimal in the short term.
CONFIDENCE 65
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
USDC is used for deposits on Polymarket, which could lead to a higher volume of transactions and potentially influence its stability and usage.
USDC is utilized for deposits on Polymarket, and while it is a stablecoin pegged to the USD and designed to maintain a stable value, increased transaction volume could still reflect positively on its perceived utility and stability.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Polymarket uses Polygon's MATIC for deposits, indicating increased usage and visibility which could positively impact its price in the short term.
As Polymarket is highlighted for its political betting markets and uses MATIC for transactions, this could lead to increased demand for MATIC as users deposit funds to participate in betting, potentially driving up its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70