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crypto.news 2025-02-04 22:44:48

Polymarket users spin $16m volume on Trump’s picks

Polymarket bettors placed numerous wagers on whether the U.S. Senate would confirm several of President Trump’s nominations. Data from Polymarket, a prediction platform built on Polygon, showed $16.5 million in trading volume for a market titled “Which Trump picks will be confirmed?” So far, users have correctly predicted the Senate confirmation of pro-crypto hedge fund manager Scott Bessent. President Trump selected Bessent as U.S. Treasury Secretary, a key position that could influence crypto-related privacy debates, including cases like Tornado Cash. Polymarket users have also bet on several other confirmations. However, notable crypto-focused nominees, such as Paul Atkins for Securities and Exchange Commission chair, were absent from the list. You might also like: The on-chain prediction market was one of last year’s breakout platforms, gaining popularity by allowing users to bet on whether Donald Trump would win or lose the election. While traditional polls were reportedly skewed, Polymarket users accurately predicted Trump’s victory. Bloomberg even integrated Polymarket data into its election terminal. One French bettor earned millions in profits from the outcome. However, French authorities later banned the site, and the FBI raided the residence of Polymarket founder Shayne Coplan amid rumors of unauthorized U.S. betting participation. Polymarket is not regulated in the U.S. and does not allow Americans to use its services. Despite allegations of violating U.S. laws, neither Coplan nor Polymarket has been indicted by the Department of Justice. The platform remains one of the largest blockchain-based prediction markets and a source of real-world social sentiment data. Read more: