In a dramatic turn of events, traders on Polymarket have significantly raised the odds of President Joe Biden dropping out of the 2024 race to nearly 80%, up from 55% earlier today. The surge comes in response to a revealing report from The New York Times, which has sparked a whirlwind of speculation.

The New York Times article suggests that President Biden is seriously considering his future in the upcoming election, citing concerns about his recent debate performance and its implications for his candidacy. The article quotes an unnamed ally who remarked, “He knows if he has two more events like that, we’re in a different place.”

This development marks a sharp escalation in Polymarket’s “Biden drops out of presidential race?” market, which has seen unprecedented activity, totaling close to $10 million in bets over the past week alone. Prior to the recent debate with Donald Trump, the odds stood at a mere 20%.

Despite the buzz and market reaction, the White House has swiftly responded, categorically denying the claims made in The New York Times report. A spokesperson stated on X, “The New York Times story is false,” reaffirming President Biden’s commitment to continue his campaign for re-election in 2024.

The unfolding situation underscores the volatility of political betting markets and the impact of media reports on public perception. As the story continues to develop, all eyes remain on President Biden’s next moves and the evolving landscape of the 2024 presidential race.

Source: Coindesk