If you believe that you can predict the 2020 U.S. election, FTX, a leading cryptocurrency trading platform, has released an innovative product that can turn your political expertise into cash.
do in the ears of Donald Trump, you wouldn't be alone. By and large, the realm of crypto-trading has the reputation of being reserved to both savvy institutional investors and nerdy computer geeks—the kind Brett Kavanaugh would have beaten up freely in high school.
The price of bitcoin rose for three straight days following his declarations. What the president's fury truly revealed, however, was that cryptocurrencies were too often outside the public debate and struggled to be accepted, yet alone understood, by common people. Could you imagine Trump, for example, explaining, with his unique speaking style, how cryptocurrencies function?
Similar to a prediction market, FTX's 2020 US Presidential Election allows people to trade on the outcome of the current presidential race. The trick is simple: Traders can choose from six contracts, each belonging to a presidential candidate, to turn their political expertise into a handsome profit. Each contract expires at $1 if said candidate wins the election, and $0 otherwise."So if you think Trump has a 63 percent chance of winning, then his price should be $0.
"From a general perspective, markets are always too slow to react to long-term trends and too quick to react to weird, short-term events," advises the FTX CEO.
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