Polymarket’s Influence on Wall Street’s Election ‘Game Plan’ Grows Despite Red Flags
- Crypto exchange anchors election views, portfolio manager says
- JPMorgan assesses betting site’s odds for long-short strategy
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Despite widespread skepticism about how much trust investors should place in the signals being sent by cryptocurrency-based predictions market Polymarket, Wall Street is paying close attention to betting on the platform that shows a high chance Donald Trump will win the US presidential election.
While naysayers argue that outsized bets and pro-crypto bias can skew the probabilities being presented on the site, some smart-money traders and strategists are following Polymarket very closely. Vice President Kamala Harris and former President Trump are basically in a dead heat ahead of the Nov. 5 election based on recent polling, yet wagers on Polymarket indicate a 67% probability that Trump will win.