Bitcoin and Cryptocurrency Betting Trends
Following a New York Times report, Polymarket saw a surge in odds, with over 70% betting on President Joe Biden dropping out of the elections. This uptick in betting activity was driven by concerns over Biden’s health and his performance in recent debates, contributing to a pool of bets exceeding $10 million on his future.
Impact of Political Events on Betting Platforms
Before the CNN debate, where Biden faced criticism for his performance, Polymarket’s odds varied from 20% to 35% on him leaving the race. The speculation surrounding Biden’s potential withdrawal reflects the ongoing interest in real-life outcome betting on platforms like Polymarket, which has gained popularity in decentralized betting.
Decentralized Betting on Ethereum and Web3
Polymarket, known for its decentralized betting platform, has expanded its market to include bets on Ethereum and other events like Bitcoin ETF approvals. This diversification in betting options showcases the growing trend of web3 platforms offering users the opportunity to wager on a range of real-world outcomes in a decentralized manner.
