Current prediction market contracts focus on FTX bankruptcy claim recoveries, bitcoin ETF futures, and Sam Bankman-Fried’s prison sentence.
Crypto derivatives exchange BitMEX’s prediction market allows traders to bet on real-world occurrences.
Even though prediction markets have been around for a while, their popularity has skyrocketed because of Polymarket.
Polymarket, which was fined $1.4 million in January 2022 for unregistered swaps, offers bettors a wide range of contracts, from serious bets such as who will win the first Republican primary debate to absurd ones like former President Obama’s sexuality, the possibility of Russia using a nuclear weapon before the end of 2023, or the existence of aliens.
BitMEX’s prediction market, which it calls its newest derivative product, offers prediction contracts on FTX’s bankruptcy recovery rate, the likelihood of a Bitcoin Exchange Traded Fund approval by October 17, and Sam Bankman-Fried’s jail time.
“We want our traders to ride the waves of the ever-changing world, hence introducing Prediction Markets at BitMEX,” Stephan Lutz, BitMEX’s CEO said in a release. “This product adds the mojo to crypto derivatives trading, allowing traders to diversify their portfolios and earn returns by predicting outcomes of real-world news.”
Soon, Lutz stated, additional contracts will be added.
“In a bear market with low volatility, prediction markets are a great tool to level up your trading game,” he further stated.
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