Polymarket’s founder says vision is not to be a political website

Despite crypto prediction market platform Polymarket gaining attention as the US presidential elections draw near, its founder insists that it is not meant to be seen as a political website. The goal of Polymarket, according to founder Shayne Coplan, is to use free markets to provide insights into real-world events, not to engage in politics.

Coplan has refuted claims of political bias or affiliation with any political party. He emphasized that Polymarket is impartial and that the team behind it are simply enthusiasts of prediction markets who believe in offering an alternative data source to the public.

As the US presidential election approaches, Polymarket has gained popularity for accurately predicting certain outcomes, such as Joe Biden dropping out of the race. Coplan believes that politics can serve as a gateway for people to understand the value of market-based forecasts.

Elon Musk’s endorsement of Polymarket as a more accurate predictor of election results than traditional polls has sparked interest in the platform. Musk’s statement that Polymarket predicted Donald Trump leading Kamala Harris by 3% in the gambling markets showcases the potential accuracy of market-based predictions.

Despite concerns about manipulation in prediction markets, Polymarket and other platforms like Kalshi maintain that their results are authentic and not influenced by external factors. Tarek Mansour, founder of Kalshi, supports the accuracy of market-based forecasts and believes in the integrity of these platforms.

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