Polymarket's vision 'still isn't' to be a political website, says founder
Despite crypto prediction markets platform Polymarket being on the “center stage” as the United States presidential election approaches, its founder claims that it has no intention of being recognized as a political website.
“Polymarket is not about politics. The vision never was to be a political website, and it still isn't. From launch day, the goal has been to, "harness the power of free markets to demystify the real world events that matter most to you,” Polymarket founder Shayne Coplan stated in an Oct. 25 X post .
Coplan shuts down rumors of holding political bias
Coplan also dismissed rumors that those behind the platform are “Dem operatives” or holds any political bias.
“Unfortunately the story is much less juicy, we're just market nerds who think prediction markets provide the public with a much needed alternative data source,” Coplan stated.
“Polymarket is strictly non-partisan. We get told we're Dem operatives and MAGA, depending on the day.”
He explained that as the United States presidential election draws nearer this November, the platform has been “pulled onto center stage,” claiming that people are “fed up” with attempting to understand pundits and “incongruent polls.”
“Polymarket's rise in popularity correlates with correctly forecasting Biden dropping out,” Coplan further claimed.
Politics a vehicle for bringing the masses to market-based forecasts
Coplan is hopeful that “politics is the first step to get the masses to realize the value of market-based forecasts.”
On Oct. 7, Cointelegraph reported that technology billionaire Elon Musk recently sparked a wave of interest in Polymarket after the billionaire said the site could more accurately predict the results of the 2024 United States presidential election than traditional polling.
At the time of Musk’s post, Donald Trump was leading Democratic candidate Kamala Harris by a margin of about three percentage points.
Related: Polymarket claims to have identified Trump whale
“Trump now leading Kamala by 3% in betting markets. More accurate than polls, as actual money is on the line,” Musk claimed.
However, on Oct. 20, Trump’s recent 20-point lead in the presidential race over Vice President Kamala Harris on Polymarket sparked concerns that the market may be manipulated .
Tarek Mansour — founder of the Kalshi prediction market — argued that the results are accurate and not caused by inorganic manipulation, when he presented comparable data from Kalshi.
Magazine: The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”
Kiyosaki Dumps Gold and Silver, Projects Bitcoin at $250K by 2025
Bulls Eye Reversal as Solana Tests Support After 25% Drop