Cryptocurrency Futures and Prediction Markets Show Trump Wins the US 2020 Election
In less than 270 days the United States will have its 2020 election and millions of people worldwide will be betting on whether Donald Trump is reelected. Cryptocurrency participants are currently wagering their digital assets on the election outcome, where the odds on prediction markets and betting sites indicate Trump will likely win.
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Whether you love him or hate him, Donald Trump gathers a lot of attention and the U.S. will be facing another presidential election soon. On February 6, the crypto trading platform FTX Exchange revealed a futures contract based on the 2020 U.S. election results. FTX is letting traders who do not live in America the chance to purchase short and long positions on Donald Trump winning the election in November. The exchange launched a token called TRUMP to represent the futures agreement. (TRUMP) is a futures contract on FTX,” the company noted. [The token] expires to $1 if Donald Trump wins the 2020 US presidential general election, and $0 otherwise.” According to the FTX Exchange order book, TRUMP is trading for $0.62 per coin which means 62% of those wagering believe he will win the U.S. 2020 election.
At the time of publication, each token is trading for $0.62, which means as of today the odds are in favor (62% chance) of Trump being reelected, according to FTX traders. The exchange FTX is not the only business running the odds and placing bets on the 2020 U.S. election. Gambling operations and bookmaking sites all over the internet are offering people the chance to bet for or against Donald Trump this year. For the most part, the odds across the board look to be in favor of Trump winning. For example, US-bookies.com disclosed at the end of 2019 that bookmakers in the country say Trump will win the election. The company researches and tracks bookmaking and gambling operations located in the U.S.
“Over the past week, Mr. Trump went from 1/1 to 10/11 to win the 2020 Presidential election,” the company stressed. Just recently the head of public relations at the UK bookmaking firm Paddy Power, Lee Price, also explained the odds are in favor of Trump winning again. “This time, he’s odds on, so, more likely than not to be reelected,” Price said. The UK-based bookmaking firm Paddy Power and the organization US-bookies.com say the odds are in favor of Donald Trump being reelected. Trump Bets Using the Prediction Market Augur and Gambling Sites That Accept Crypto for Election Wagers
Cryptocurrency users are also leveraging the prediction market Augur built on the Ethereum blockchain to bet on the election. With the Augur platform, users can create prediction markets so people can utilize the software in order to predict certain outcomes. One popular Augur market called “Who will be the 2020 Republican Nominee for president?” has $20,594 at stake and ends in nine months. According to the Augur platform, there’s a 95% chance Donald Trump will win the election in 2020. The prediction market Augur built on the Ethereum blockchain is being used to bet on the election and Augur participants show that Trump is favored to win the 2020 election.
This particular Augur market is a multiple-choice market and the website predictions.global explains “this is the predicted and winning choice.” Additionally, the second most popular prediction market on the Augur platform is also about the 2020 election. The question is: “Will Donald J. Trump be elected and be inaugurated as President of the United States for the 2021-2025 presidential term?” Augur’s prediction declares 55% say “yes” Trump will be elected and inaugurated again this year. There are various online portals that let people bet on the U.S. 2020 election using digital currencies depending on your jurisdiction.
Besides the new FTX TRUMP futures contracts and the bets on Augur, a slew of online betting sites that are hosting election wagers also accept digital currencies for betting. Sites like Betmoose, Fairlay, Mybookieag, Sportsbookag, Vegaselectionodd.com, and Oddsshark will allow registered users to bet on the U.S. 2020 election by leveraging $5 to $5,000 worth of cryptocurrencies. Most of these websites also show that Trump is favored to win and other candidates with decent odds include Joe Biden, Bernie Sanders, and Elizabeth Warren.
What do you think about cryptocurrency participants betting for or against Donald Trump winning the 2020 election? What do you think about the FTX futures contract TRUMP and the prediction markets hosted on Augur? Let us know what you think about this subject in the comments section below.
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Image credits: Shutterstock, FTX Exchange, predictions.global, Wiki Commons, Fair Use, and Pixabay.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today. Please enable JavaScript to view the comments powered by Disqus.