Elon Musk supports Polymarket and crypto as real money instead of polls

Elon Musk sees Polymarket and the betting platforms, including crypto, as more accurate compared to political polls. The billionaire shares the current situation that sees Donald Trump leading Kamala Harris by 3% for the Presidency of the USA. 

Elon Musk praises Polymarket and crypto betting platforms instead of political polls

Elon Musk has decided to share on X his opinion regarding Polymarket and crypto betting platforms, in view of the upcoming USA 2024 Presidential elections. 

Trump is now ahead of Kamala by 3% in the betting markets. More accurate than polls, as real money is at stake.

And so, while describing that Donald Trump is ahead of Kamala Harris by 3%, Musk emphasizes that Polymarket is more accurate than political polls. The reason for such confidence in the crypto betting platform is that real games are at stake. 

While Musk’s tweet was on October 7, today the situation on Polymarket has changed a bit. Donald Trump is now leading with 53.4% against Kamala Harris’s 45.9% as the winner of the 2024 US Presidential elections.

Elon Musk and the praise for Polymarket, crypto betting and Trump

At the time of writing, Musk’s tweet has been viewed by as many as 66.8 million users, sparking a wave of interest in the decentralized prediction market Polymarket. 

In fact, at the moment, the USA presidential elections are the most active event in the history of the site. 

On the other hand, it is not certain that Musk’s opinion is the truth. It is plausible, in fact, that a bettor might vote for their preferred candidate but also decide to bet on the opponent’s victory. 

Likely that this support for Polymarket and the crypto world could instead be a strategic move by Musk to support Trump again, who has declared himself the pro-crypto President. 

Last August, Musk interviewed Trump live on X, spending most of the time praising each other in front of 1.3 million people connected live. Not only that, last month, it emerged that Musk was appointed head of Donald Trump’s Department of Government Efficiency (D.O.G.E). For Trump, the Tesla boss would be the perfect figure to lead the federal task force.

The launch of the native token to support growth and expansion

A few weeks ago, it emerged that Polymarket is seeking to raise 50 million dollars in funding to support its growth and expansion. 

To do this, it seems that the market prediction platform wants to launch its own native token, in order to incentivize user participation and increase its utility. 

The idea of having a native token is a common trend for DeFi platforms. In the specific case of Polymarket, the token could be used to incentivize the creation of prediction markets in exchange for rewards for active users. By doing so, Polymarket would increase user engagement and, consequently, the liquidity of the markets. 

Another utility of the native token for Polymarket could be dedicated to decentralized governance mechanisms.