Biden Withdrawal Odds Surge to 80% on Polymarket Amid Pressure
Release: 2024/07/19 03:23 Reading: 985
The probability of U.S. President Joe Biden withdrawing from the race increased to 80% on the decentralized prediction market platform Polymarket. This is due to indications that Biden may choose to withdraw as soon as this weekend.
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These odds have more than quadrupled since only two days ago when they were closer to 33% on Polymarket. According to a Thursday morning Axios story that included many prominent Democrats, there is growing pressure among Democrats and close allies to persuade Biden to resign in the next few days.
After performing poorly in the debate last month, Biden, who is 81 years old, recently tested positive for COVID-19, adding to the pressure he has been facing. His performance reignited speculation that someone else would emerge as the Democratic nominee in his place.
ABC News reports that several prominent Democrats, including Senate Majority Leader Chuck Schumer, have advised Biden to withdraw throughout the last week.
Nancy Pelosi, the former speaker of the House, informed Joe Biden that polling indicates that Republican presidential contender and former president Donald Trump will likely win. According to CNN, Pelosi also voiced fears that Biden’s ongoing campaign may make it more difficult for the Democrats to regain the House.
Former President Barack Obama has advised associates that Biden should seriously consider his re-election viability, according to The Washington Post. This counsel comes just days before the Democratic National Convention on August 19 in Chicago, where Democrats will choose their presidential contender.
News sources have reported on many possible Democratic opponents. Governors Gavin Newsom of California, J.B. Pritzker of Illinois, Gretchen Whitmer of Michigan, and Vice President Kamala Harris are among them.
As of Thursday afternoon, the odds on Polymarket, where people are wagering that Harris will be the Democratic nominee, were 59%. Over the previous day, memecoins that were influenced by possible Biden replacements saw a surge in value.
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