Tech billionaire Elon Musk posted on his social media platform
Musk noted that prediction markets, where people have a stake in the game, can provide a more accurate prediction of events than traditional polls.
Musk’s endorsement comes as he continues to align himself with the former president’s campaign; he spoke in support of Trump last month at a Trump campaign event in Butler, Pennsylvania.
“Trump now leads Kamala by 3% in betting markets. More accurate than polls because real money is on the line,” Musk said in an Oct. 6 tweet, citing Polymarket data, which places Trump ahead of Democratic candidate Kamala Harris.
Polymarket is a decentralized, peer-to-peer prediction market where individuals stake USDC on the outcome of events.
For the current presidential election cycle, the decentralized application has received unprecedented volume of trading and attention, with some analysts going so far as to suggest that these prediction markets constitute a public resource precious.
Despite Musk’s support, many questions remain about whether platforms like Polymarket can actually predict political outcomes. Critics argue that financial speculation is not the same as political will, with voters perhaps betting on candidates they do not necessarily intend to support.
