- Crypto bets are not voting in Biden’s favor but Trump’s.
- Ethereum prediction markets on the FXT crypto exchange saw a surge of participation yesterday due to the US election.
- Millions were exchanged so that betters could decide between Trump and Biden.
Crypto bets against Biden
Crypto bets are not in Biden’s favor but Trump’s. Ethereum prediction markets on the FXT crypto exchange saw a surge of participation yesterday due to the US election.
Millions were exchanged so that betters could decide between Trump and Biden. The tokens were ERC20 tokens that each represented one of the two candidates.
Betters could buy or sell the digital currency depending on how they believed the US results would turn out. Yesterday, Trump’s tokens posted almost 100% gains. Since June, the tokens had seen an over 300% increase.
Biden flopped by 50% as betters voted against him.
How crypto betting works
Whether betters win or lose out will depend on who ends up elected as president. Settlements are paid once the election has ceased once the results come out. The winner of the US elections will be the candidate that gathered 270 of the electoral votes.
FTX notes on its website that excluding fees, delays, or spread, the price of tokens represents one of the candidate’s chances of winning. Currently, traders are betting that Trump has a 72% chance of winning, which other betting markets, such as Bet 365, are suggesting.
In reality, neither of the candidates has secured 270 votes, although, Trump believes he has already won.
Other betters
For the Hong Kong exchange, the requirements were pushed higher for TRUMP as both candidates’ votes grew. During the US campaign, other candidates, Michael Bloomberg and Elizabeth Warren were granted tokens, which symbolized their winning odds.
The former candidate’s tokens expired once they dropped out of the race.
