Crypto Degens Place $7 Million Wager on President Biden’s Exit

In a high-stakes gamble that mirrors the volatility of the crypto market itself, degens (short for “degenerates”) have collectively wagered a jaw-dropping $7 million on the possibility of U.S. President Joe Biden dropping out of the 2024 election race. The action unfolded on Polymarket, a crypto-betting platform that has become a hub for speculative wagers on political events.

For those unfamiliar with the term, ‘Degens’ is a colloquial term used in the crypto community to refer to traders who take on high-risk, high-reward bets. These individuals are known for their bold moves and willingness to gamble on unpredictable outcomes.

The market for betting on Biden’s political future exploded after a series of gaffes and concerns over his age and health. At 81, Biden is the oldest sitting president in U.S. history, and his potential withdrawal has sparked a wave of speculation. As of now, the odds on Polymarket suggest that many believe there’s a significant chance he might step down before the 2024 elections.

The Debate Sparks Intense Betting Activity

Following the first 2024 presidential debate, where President Biden faced off against presumptive Republican nominee Donald Trump, the odds of Biden leaving the race surged to 38%, but has now, at the time of writing, piqued at 33%. 

This sudden spike in betting activity reflects the uncertainty surrounding Biden’s political future and the intense scrutiny of his performance during the debate.

The Numbers Behind the Wager:

• Wager Amount: $7 million
• Platform: Polymarket.
• Event: President Joe Biden dropping out of the 2024 election race.
• Odds: 33%.

The Context

The crypto community’s fascination with political events is not new. Polymarket, known for its decentralized prediction markets, allows users to bet on various outcomes, including political races and developments. It operates on blockchain technology, ensuring transparency and immutability of the bets placed. In this case, the platform has become a barometer for political sentiment, with the stakes reflecting the public’s perception of the political winds. In this case, the question of whether Biden will exit the race has captured the attention of degens who thrive on risk and speculation.

Biden’s Performance and the Betting Landscape

During the debate, President Biden faced tough questions and critiques from opponents and supporters. His ability to navigate these challenges and maintain public confidence will significantly impact the election outcome. The betting frenzy reflects the uncertainty surrounding his candidacy and the potential implications for the political landscape.

What’s at Stake?

Beyond the sheer monetary value, this wager highlights the intersection of crypto culture and real-world events. It underscores the willingness of crypto enthusiasts to put their money where their predictions are, even when it comes to high-stakes political matters. As the election season unfolds, the $7 million question remains: Will Biden stay in the race or bow out?

The Takeaway

While the outcome of this bet remains uncertain, one thing is clear: The crypto community’s appetite for risk extends beyond market fluctuations. Whether Biden ultimately drops out or perseveres, the degens’ wager showcases the power of decentralized prediction markets and the unique blend of speculation and conviction within the crypto community.