Joe Biden stepped out of the 2024 presidential candidacy, leaving Democrats in limbo. Traders on Polymarket have made $80 million from the prediction that Biden would not make it to November’s elections. Biden has yet to appear in public, and his demand to make an appearance has become a conversation to pay attention to.
Also Read: SEC Chair Gensler may resign by early 2025
According to Polymarket data, about $80 million was wagered across six bets on President Joe Biden’s standing as the Democratic nominee, excluding specific bets on the presidency.
Joe Biden asked to appear in public
The market with the largest pool asked bettors to choose the Democratic nominee. The process of officially selecting a nominee for the party begins on August 19 at its convention, although the specifics are currently unclear following Biden’s resignation.
In total, $51.5 million was wagered directly on or against Biden from a $205 million pool. Meanwhile, markets that allowed bettors to guess on some version of whether Biden would resign raised a total of $27.5 million.
Now that Joe Bidden has pulled out of the race, those bets have been liquidated, and the charts have changed.
On the previous bets, the largest bet with $21 million at stake, asked whether Biden would withdraw from the campaign. Polymarket pointed out on X that traders had given Biden a significant advantage in the days leading up to the announcement, with the market shooting up to 100% in the moments leading up to media coverage.
Since pulling out of the race, Biden has endorsed his vice president, Kamala Harris. Kamala is expected to make a public appearance today, and Biden has been asked to do the same. Harris said at the top of her statement that:
I wanted to say a few words about our president. Joe Biden’s legacy of accomplishment over the past three years is unmatched in modern history […] In one term, he has already surpassed the legacy of most presidents who have served two terms in office.
Kamala Harris
Rumors on X show that Biden could already be dead. Charlie Kirk, the founder and executive director of Turning Point USA and the Charlie Kirk show, writes on X that “Apparently the rumor mill in the police department was that Joe Biden was dying or possibly already dead.”
Charlie adds, “I didn’t think too much about this lead, seemed too wild to be true, but given that Joe Biden has been out of public sight for days and dropped out of the race via an 𝕏 post, and his brother James indicated health was a factor, I’m beginning to grow more curious if COVID or something else has been more serious than reported.”
Also Read: Where Bitcoin is headed this week
There is a growing demand for Biden to make a physical appearance and resign from running the United States. Sarah Huckabee Sanders, the Governor of Arkansas, says, “Not fit to run for president, not fit to serve as president. Biden should resign immediately.”
