Crypto Users Betting on U.S. Election
The U.S. Presidential election is a highly important event for the future of the country and arguably for the entire world. As is often the case, this election cycle has ramifications on the cryptocurrency space.
However, it also seems that this election is of additional interest to cryptocurrency investors and speculators.
What could possibly be more divisive than the decision between Donald Trump and Joe Biden for the top office?
Well, there is certainly a bit of a stir in the crypto industry, as crypto users have started placing bets on the election’s outcome. Moreover, crypto traders are also pushing the volume on FTX’s prediction markets, allowing it to reach record highs.
Not only that, but many people, new to crypto, are willing to place bets are also joining the trend. This means new users entering the crypto derivatives platform.
U.S. Elections Lead To Major Crypto-based Bets
As the date of the US election approaches, the trading volume for BIDEN and TRUMP markets is going through the roof.
Cryptocurrency users are using derivatives trading platform FTX to place bets on the upcoming US presidential election by using crypto futures contracts.
The company’s CEO, Sam Bankman-Fried, commented on the trend, noting that it is bringing a surprising number of new users, who are more than willing to participate in the bets. In fact, these two markets were responsible for 22% of all referral traffic that FTX has seen recently, according to recent data.
In what would seemingly appear to be a bit of twisted irony, those who could actually participate in the elections on November 3rd are also the ones who cannot participate in the betting thanks to U.S. regulatory restrictions.
TRUMP vs BIDEN
At this point, the election is over two weeks away. However, it is already quite obvious what the crypto users think regarding the election’s results.
The TRUMP market has seen nearly twice the volume of the BIDEN futures contract.
Of course, the volume for each of these two markets is still rather small, at least when compared to offerings on other betting websites. However, the market behavior is very similar to that on the larger betting platforms.