Renowned statistician and pollster Nate Silver has been appointed as an advisor to the cryptocurrency-based prediction market, Polymarket. The move comes as the platform aims to broaden its forecasting around news events.
What Happened: Polymarket has enlisted Silver’s expertise to enhance its forecasts around news events, according to a report by Axios. The decision aligns with the growing trend of Americans turning to prediction markets to navigate through turbulent news cycles, and the increasing reference to prediction odds by news outlets for the outcomes of news events, especially elections.
Nate Silver founded FiveThirtyEight, which has been used to predict the outcomes of several presidential elections.
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Launched in 2020, Polymarket is a decentralized prediction market that allows users to bet on major global events using cryptocurrencies. Users can buy or sell outcome shares, which can be redeemed for $1 if the outcome is correct, and become worthless if it's incorrect.
The platform has rapidly emerged as one of the world’s top prediction markets for U.S. elections. However, it currently does not allow U.S. users to place trades based on its predictions.
Image via Shutterstock
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