Trump-Harris Showdown Shines Spotlight On ‘Foreign-Influenced’ Polymarket: Early Investor Claims Prediction Markets More Reliable As They Offer ‘Economic Bounty On Truth’
The U.S. election cycle is racing to an exciting fish as Donald Trump and Kamala Harris prepare for a showdown on Nov. 5 to determine who’ll be the next White House resident.
While candidates look for ways to boost their campaigns, a significant spotlight has fallen on prediction markets—platforms where people trade on the outcome of world events.
The Polymarket Question
Polymarket, a cryptocurrency-based betting platform, has seen a whopping $2.5 billion wagered on the outcome of the U.S. presidency. Thanks to the huge stakes, Polymarket’s election betting odds have become one of the most talked about, both in mainstream and social media circles.
Alex Marinier, founder of venture capital firm New Form Capital, which invested in Polymarket’s seed round back in 2020, told Benzinga that they were moved by founder Shayne Coplan’s “grand vision” of making the platform a source of market-based truth.
Apart from Marinier, renowned angel investor and influencer Naval Ravikant also participated in the startup’s seed-funding round.
But beneath the veneer of big money and the novelty of cryptocurrencies, concerns of market manipulation have begun engulfing Polymarket, affecting the platform’s credibility.
A single trader, using the monicker Fredi9999, and identified as a French national, has been placing large wagers in favor of Trump, whose odds of winning have leapfrogged to 64%, compared to 49% at the beginning of October.
In fact, claims of coordinated activity have been doing the rounds, with the trader allegedly managing three more accounts under different aliases.
Taking …
About The Author
