Current odds on cryptocurrency betting platform Polymarket give President Joe Biden a one in three chance of withdrawing from the next US presidential election.
Polymarket allows users to bet on the outcome of almost any event, from pop culture to sports to politics.
Bets on Biden will be a “yes” if he formally announces his withdrawal or is confirmed as withdrawing from the 2024 US presidential election, and a “no” if he is still a candidate as of November 5th.
If extenuating circumstances prevent the current president from continuing the campaign, the bet also settles at “yes.”
Speculation about Biden's future in the presidential race reached a fever pitch after his performance in last week's debate with former President Donald Trump on CNN was widely condemned.
Many of Trump's claims during the debate were debunked by fact-checkers, but a majority of pundits and poll respondents picked the former president as the winner of the debate.
PolyMarket is currently seeing Trump as the overwhelming favorite to win the US presidential election. The crypto betting platform currently gives him a 65% chance of winning.
Biden's approval rating is 21% (down from about 34% before the debate), while Vice President Kamala Harris's is at 5%. As of this writing, PolyMarket users have bet more than $207 million on the election.
Peter Thiel’s Founders Fund, Ethereum (ETH) co-founder Vitalik Buterin, and other notable investors such as Dragonfly and ParaFi invested $70 million into the crypto gambling platform in May.
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