Elon Musk Backs Polymarket and Cryptocurrency as Real Money Instead of Polls
Date: 2024-10-08 Author: Henry Casey Categories: BUSINESS
Elon Musk Praises Polymarket and Cryptocurrency Betting Platforms Instead of Polls
Elon Musk expressed his opinion on Polymarket and cryptocurrency betting platforms in the context of the upcoming 2024 US Presidential election in X.
Trump Leads Kamala by 3% in Betting Markets. More Accurate Data Since Real Money is at Stake.
In his tweet, Musk emphasized that Donald Trump’s 3% lead over Kamala Harris in Polymarket betting is a more accurate reflection of reality than political polls since crypto betting involves real money.
Although Musk’s tweet was published on October 7, the situation on Polymarket has changed today: Donald Trump is now leading with 53.4%, while Kamala Harris has a 45.9% chance of winning the 2024 election.
Musk and his support for Polymarket, cryptocurrency betting, and Trump
At the time of writing, Musk’s tweet had been viewed by 66.8 million users, sparking a wave of interest in the decentralized betting platform Polymarket. The US election is currently the most active event in the site’s history.
However, Musk’s opinion may not be the whole truth, as it is possible that bettors are betting on the opponent despite their preference for the other candidate. It is possible that Musk’s support for Polymarket and cryptocurrency is linked to his strategic support for Trump, who has declared himself a pro-crypto president.
In August, Musk interviewed Trump live on X, where the two praised each other in front of 1.3 million viewers. Also last month, it was announced that Musk had been appointed to lead the Trump administration’s Department of Government Effectiveness. Trump sees the Tesla CEO as the perfect candidate to lead the federal task force.
Launching a Native Token for Growth and Expansion
A few weeks ago, it was announced that Polymarket is looking to raise $50 million to support its growth and expansion.
To do this, the prediction platform plans to launch its own token that incentivizes user participation and increases its utility. This will help attract more participants and increase liquidity in the market. The token can also be used for decentralized governance mechanisms.
