US presidential election spurs Bitcoin futures, shifts odds

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Updated September 21, 2022 | Published October 1, 2020

2 mins read

Not even the first US presidential debate could help clarify and establish a leader, although Joe Biden did take a small advantage in the overall odds.

Since then, election futures on crypto derivatives exchange FTX at Polymarket have marked a big jump in activity.

The platform’s officials have reported that more than $4million has been invested in an attempt to successfully pinpoint the winner.

Donald Trump’s brash style during the debate caused a 10% slump in the price of future contracts that were rooting for his reelection.

An interesting trend was that odds mostly endorsed President Trump, but as the debate carried on, the numbers began shifting against him and continued to do so all throughout the broadcast.

Some 55% participants believe that Trump cannot win a reelection bid.

Speaking to Cointelegraph, Shayne Coplan, who is Polymarket’s founder, said that it was interesting to see how data from markets was able to accurately predict real-world developments.

Speaking of predictive models built on the blockchain – Polymarket is built on Ethereum itself.

There are plenty of sportsbooks that run on Ethereum and Bitcoin accepting bets on the outcome of the 2020 US presidential election.

Some of the leading operators that cover the presidential election include Sportsbet.io, FortuneJack, and Cloudbet.com.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.
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