United States Vice President Kamala Harris and former President Donald Trump clashed over key issues like the economy, immigration, abortion rights, and foreign policy. Notably, the candidates steered clear of discussing cryptocurrency. Held in Philadelphia, the debate saw Harris maintain a composed demeanor while Trump delivered a more combative performance. The impact of the debate prompted a shift in betting markets as Trump’s odds of winning the 2024 election dipped by 3% on the Polymarket.
Trump vs. Harris Debate: Key Takeaways
1. Harris Maintains Composure; Trump Takes a Confrontational Approach in Debate
Kamala Harris maintained a calm and composed demeanor throughout the debate. She repeatedly pressed Trump on various issues while presenting herself as a steady-handed leader. In contrast, Trump appeared more confrontational and, at times, agitated. According to data from fact-checking agency PolitiFact, he made several false claims, which Harris effectively rebutted.
Harris’s approach of staying focused and composed seemed to resonate with viewers. Following the debate, pop star Taylor Swift, with her massive social media following, officially endorsed Harris. Swift’s endorsement may carry weight, especially among younger voters.
2. Crypto and the Economy: An Overlooked Topic
Despite the intense focus on economic plans during the debate, neither Kamala Harris nor Trump mentioned cryptocurrency. This omission is particularly noteworthy given Trump’s recent promises to support the crypto industry if elected. Trump has previously criticized President Biden’s administration for what he calls a “war on crypto”. He has pledged to eliminate existing anti-crypto regulations to establish the U.S. as the “world capital of crypto.”
Crypto analysts believe that a Trump victory could potentially be a boon for Bitcoin, predicting a rally to as high as $90,000 by the end of the year. On the other hand, a Harris victory could bring regulatory uncertainty, with some predicting a drop in Bitcoin’s price to around $30,000.
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3. Betting Markets Favours Harris
The debate also had immediate repercussions in the betting markets. On the decentralized betting platform Polymarket, Trump’s odds of winning the 2024 election slid by as much as 3% to 48% during the debate, bringing him neck and neck with Harris.
This movement in betting odds aligns more closely with national polling data, where Harris currently holds a slight lead over Trump by 2.7 percentage points (47.1% to 44.9%), according to a FiveThirtyEight poll conducted before the debate.
The drop in Trump’s odds could suggest that his debate performance did not resonate as strongly with viewers as Harris’s did, potentially narrowing his path to victory.
4. Focus on Key Issues: Economy, Abortion, and Immigration
The debate revolved around several key issues, including the economy, abortion rights, immigration, and foreign policy. Both candidates outlined their economic plans, with Harris focusing on building an inclusive economy that benefits the middle class, while Trump promised tax cuts and a rollback of regulations he claims are stifling business growth.
On immigration, Harris highlighted the importance of a humane approach to border security and immigration reform, emphasizing her experience as Vice President in managing complex immigration issues. Trump, on the other hand, vowed to crack down on illegal immigration and finish building the border wall. The contrast between their positions offers voters clear choices on these issues.
5. The Role of Political Action Committees (PACs) and Crypto Funding
While crypto was not mentioned during the debate, its presence in the politics cannot be overlooked. During the 2024 election cycle, crypto-backed Super Political Action Committees (PACs) have raised substantial amounts of money to influence the outcome. Three major crypto-backed PACs have raised over $202 million, with Fairshake, the largest crypto PAC, raising $177.8 million. These funds have been largely used to support Republican candidates and attack Democratic congressional candidates.
The debate’s omission of crypto issues could indicate that, despite significant financial backing from the crypto industry, candidates may not see it as a top priority for voters. This perspective aligns with recent Gallup polls showing that American voters are more concerned with issues such as the economy, inflation, and immigration, leaving crypto lower on the list of priorities.