Decentralized prediction markets could offer more accurate predictions for the US elections than traditional polling systems, according to Elon Musk.
Prediction markets saw significant growth in the third quarter of 2024, driven by bets on the upcoming United States presidential election, which could have wide-reaching effects on cryptocurrency regulations.
The betting volume on prediction markets rose over 565.4% in Q3 to reach $3.1 billion across the three largest markets, up from just $463.3 million in the second quarter of 2024.
The significant growth in prediction market volume was mainly attributed to increasing bets on the outcome of the US elections, according to an Oct. 14 CoinGecko report, which stated:
