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Election results show potential of prediction markets, blockchain
December 6, 2024
A prediction market was more accurate in forecasting the 2024 presidential election than traditional polls and pundits.
The potential displayed by that success in forecasting the election, along with an administration friendlier to cryptocurrencies, could lead to greater adoption for them, a University of Cincinnati economist said.
Michael Jones, PhD, a Carl H. Lindner College of Business assistant professor of economics and director of the Cryptoeconomics Lab at UC Digital Futures, said the success of a blockchain-based prediction market, Polymarket, in predicting the outcome of the election showed that cryptocurrencies and blockchain technologies have more potential than just investments.