KEY POINTS
- Walz had a double-digit lead over Pennsylvania's Josh Shapiro Monday night on Polymarket
- The Minnesota governor has yet publicly declared his stance on Bitcoin or crypto
- Pennsylvania under Shapiro has become open to $BTC mining, but he is embroiled in an environmental case
U.S. Vice President Kamala Harris, who secured enough delegates to clinch the Democratic Party's 2024 nomination, has yet to announce who her running mate will be, but on Polymarket, crypto traders are already rooting for Tim Walz. Who is he, and the big question is, is he good for the cryptocurrency industry?
Humble beginnings
The Minnesota governor was raised in Nebraska and taught at a public school in a small city in Minnesota. He was also the coach of a high school football team and was a 24-year veteran with the Army National Guard.
"When you look at Tim Walz, what you have is someone with a lived experience that is so comparable to so many people in rural America who are willing to maybe reconsider just blindly voting for the Republican Party candidate," said former Democratic Sen. Heidi Heitkamp.
Political career
Reportedly a "finalist" in Harris' list of running mate picks, Walz served as House representative for Minnesota from 2007 through 2019. He has been the state's governor since 2019.
Some rural Democrats have reportedly been pushing Harris to pick a mate who has had experience running and winning in areas where races have been close, as per Politico. Rep. J.D. Scholten of Iowa is one of the leaders who believe Walz brings "balance" to the table.
Polymarket traders drive Walz's chances
On Polymarket, where users buy and trade cryptocurrencies to bet on future events, traders pushed Walz's odds of becoming the Democratic vice presidential nominee 58%, compared to Pennsylvania Gov. Josh Shapiro's 41% Monday night.
Other potential nominees such as Mark Kelly, Andy Beshear, and Pete Buttigieg were all on the 1% mark.
Tim Walz is now the favorite to be Kamala Harris' VP. pic.twitter.com/Gw2zSLn3dm
— Polymarket (@Polymarket) August 6, 2024
What has Walz said about crypto?
There is so far no record of Walz saying anything about digital assets or the crypto industry in public. On the other hand, he has signed a bill into law that states Minnesota must transition to 100% clean energy by 2040. Sustainable energy is a critical matter within the Bitcoin mining sector, as many miners struggle to move toward cleaner energy sources during heightened competition and increased costs.
In contrast, Pennsylvania under Shapiro is open to Bitcoin mining, with some of the country's biggest companies having set up mining facilities in the state, including TeraWulf, which utilizes over 90% zero-carbon energy in its operations. However, Shapiro is embroiled in a lawsuit over alleged environmental pollution and tax credit abuse related to a $BTC miner.
Both Walz and Shapiro have yet to discuss Bitcoin or crypto publicly. Harris has also not directly criticized the industry nor encouraged the use of digital assets.
Other potential picks
Kelly and Beshear, who have been floated among the people on Harris' initial list of potential running mates, have somehow been involved in the sector. Beshear tried to attract more Bitcoin miners into Kentucky, but not without controversy.
Kelly was among one of a dozen Democratic senators who voted in favor of a bill that sought to overturn the U.S. Securities and Exchange Commission's controversial Staff Accounting Bulletin 121 (SAB 121), which President Joe Biden vetoed.
