Truth Social, the social media platform established by President Donald Trump in 2022, is set to integrate prediction markets, according to the company overseeing the Trump family's media assets.
TL;DR
- Trump Media partners with Crypto.com to launch "Truth Predict" prediction markets on Truth Social.
- Users can bet on elections, inflation, sports, and commodity prices via Truth Predict.
- This collaboration follows a previous agreement involving Crypto.com's digital token Cronos.
- Trump Media aims to democratize prediction markets and empower everyday Americans.
Trump Media & Technology Group revealed on Tuesday a collaboration with Crypto.com to create a new offering, named “Truth Predict,”, expected to be released soon, as per a statement. A representative from Crypto.com could not be reached for immediate comment regarding the precise launch schedule.
Prediction markets function as platforms where individuals wager on the results of occurrences. The pricing of these outcomes mirrors collective predictions, potentially surpassing the precision of conventional forecasting techniques. As per the statement, Truth Social users will gain the ability to place bets on elections, shifts in inflation rates, sporting events, and the market prices of gold and crude oil.
The announcement comes at a time when enthusiasm for prediction markets has reached a fever pitch. In early October, the parent company of the New York Stock Exchange invested $2 billion in Polymarket, one of the marquee prediction markets. Meanwhile, a growing list of other companies like Robinhood are jumping into the sector.
Prediction markets are currently dominated by Polymarket and its rival Kalshi, which became household names during last year’s presidential election campaign. During that time, millions of people bet more than $3 billion on the outcome of the election. Fast forward a year later, Polymarket is valued at $9 billion and Kalshi is valued at about $5 billion.
The recent hype around prediction markets has been driven in part by sports betting, which has led Kalshi and Polymarket to challenge the likes of DraftKings. It’s unclear for now if sports will be a focus of prediction markets on Truth Social, or if the platform will focus more on politics.
This marks not the initial collaboration between Trump's media venture and Crypto.com. Back in August, the entity overseeing the Trump family's media assets raised over $6 billion to secure a quantity of the digital token Cronos, a product of Crypto.com. This prior agreement also entailed Trump Media integrating the crypto exchange's token and digital wallet into its services.
Trump Media promotes this initiative as a method to enhance prediction market accessibility for the general public.
“For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd,” said Devin Nunes, Chairman and CEO of Trump Media, in the statement.