Cryptocurrency bettors are strongly believing that entrepreneur and former presidential candidate Andrew Yang will join tech mogul Elon Musk's new political party.
What Happened: Yang had the highest possibility of joining Musk’s new political front before October, at 44%, according to the decentralized prediction tool Polymarket.
Notably, billionaire investor and entrepreneur Mark Cuban, an outspoken critic of Musk, had a 28% probability of joining the party as of this writing.
Polymarket, based on Polygon (CRYPTO: POL), allows users to buy "Yes" and "No" shares in USDC (CRYPTO: USDC) stablecoin. The shares representing the correct outcome are paid out $1 USDC each upon market resolution.
Yang has been seen leaning toward Musk's side after he said in an X post that he would rather support a person "who enabled space rockets and electric cars" over the guy "who branded steaks."
Yang himself founded the “Forward” party in 2022 with the support of former Republicans and Democrats, aiming to become the third alternative in American politics. He has previously questioned the leadership of both President Donald Trump and former President Joe Biden.
Yang is also a known advocate for Web3 technology.
See Also: Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters
Why It Matters: Musk announced the launch of America Party in the wake of Trump signing of a significant spending bill last week. He has disapproved of the bill's spending measures and formed the new party as a countermeasure to what he views as a flawed two-party system.
Cuban indicated his willingness to collaborate with the Center for Competitive Democracy to assist the party in getting on ballots, while Anthony Scaramucci showed interest in meeting Musk to discuss the party.
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