In an astonishing move, Polymarket allows users to gamble about whether Bitcoin and Ethereum rise every hour. The community responded heavily to surprise and confusion in the news.
The platform allowed users to bet on daily valuations of these assets, but hourly options are a major escalation. Still, these new products are far less popular than existing ones.
Polymarket’s hourly Bitcoin bet
The largest online forecasting market, Polymarket already offers users a wide range of bets. They were kicked out of several countries for violating gambling laws, but they continue to expand.
Polymarket announced a major new partnership last week, but today it is upgrading its user capacity to bet on Bitcoin.
Polymarket users have already gambled the prices of Bitcoin and other assets, but the community was confused by the announcement.
Many well-known users suggested that these bets were functionally the same as trading, and supporters struggled to explain the potential benefits.
The service has just been released, but it may be significantly less popular than the other products on the platform. For example, there is a live bet on Polymarket about whether Bitcoin will increase today.
It had a volume of over $735,000, but the first hourly option only cost $43,000. If you move an hour ago, you only have $12,000 user activity. Ethereum is not that popular.
In other words, Polymarket may have launched a DUD with hourly Bitcoin gambling. In some respects, this may be a good thing. Some users worry that these transactions are similar to the dangerous Tradfi options that are normally prohibited.
However, even if these transactions can be dangerous, people should actually use them to undermine market confidence.
Still, this development is worth paying attention. Polymarket has generated a lot of hype with the X partnership, but these Bitcoin bets may be a flop. If so, it can reduce the platform’s enthusiasm for future efforts.
Disclaimer
In compliance with Trust Project guidelines, Beincrypto is committed to reporting without bias and transparent. This news article is intended to provide accurate and timely information. However, we recommend that readers independently verify the facts and consult with experts before making decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
