Former President Donald Trump's newfound support for cryptocurrencies appears to be bolstering his chances in the 2024 U.S. presidential election, according to prediction market data.

Betting odds on Polymarket, a platform where users can bet stablecoins on various events, currently give Trump a 59% chance of winning the election, compared to President Joe Biden's 34%. This translates to a potential $169 payout for a $100 bet on Trump, while the same bet on Biden could yield $294.

Trump's pro-crypto stance, which includes accepting campaign contributions in various cryptocurrencies and his intention to speak at the Bitcoin Convention 2024 in Nashville next month, has resonated with those dissatisfied with the Biden administration's perceived "war on crypto".

Analysts at Bernstein predict that crypto could become the primary "Trump Trade" in the current election cycle as Republican prospects improve and the party's leader increasingly embraces a pro-crypto stance. They suggest that a Trump victory could lead to a crypto rally fueled by institutional adoption and an improved regulatory environment.

However, it's important to note that with the election still several months away, many variables could alter the landscape. Additionally, the strong pro-Trump sentiment within the cryptocurrency sector could be influencing the betting odds, creating an echo chamber effect where bettors may not represent the average voter accurately.