Crypto traders betting on Trump lose $11 million after Biden wins the presidency
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Answer Crypto traders betting on Trump lose $11 million after Biden wins the presidency
Democratic candidate Joe Biden has won the US presidential election, and the Trump era is over.
So the futures contracts on the FTX platform based on betting on the US elections are about to expire.
The Biden contract has a value of $0.993 and has an expiration of $1. There is $466,910 of open interest on this bet.
While the “Trump” contract decreased from $0.04 to $0.007.
In other words, betting on Trump’s success as president of the United States of America is almost worthless.
As a result, traders will lose $11.3 million worth of betting on the “Trump” contract.
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But these contracts will expire on January 20, 2021.
Trump opposes Biden’s victory and has long made baseless claims about election fraud, arguing that mail-in ballots are fraudulent and Biden is stealing the election.
He recently stated:
We all know why Joe Biden is so tempted to be mistaken as the winner, and why his media allies are trying so hard to help him.
They do not want to reveal the truth.
The simple truth is that this election is not over yet.
In Pennsylvania, for example, our legal observers were not allowed meaningful access to watch the counting process.
Legal votes decide who the president is, not the media.
Accordingly, “Trump” is preparing to file lawsuits against Biden in the courts, where he told in this regard:
Starting Monday, our campaign will begin in court to ensure full adherence to election laws and a legitimate winner’s board.
The real winner, of course, will be Trump.
This is the only way to ensure the public’s complete confidence in our election.
But the courts are not sympathetic to his unfounded allegations of election fraud, as two court cases have already been dismissed.
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Last Thursday, FTX launched a “TRumpFEB” contract that expires if Trump is still president in February.
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The value of this contract dropped from $0.14 before the announcement to $0.078 shortly after the announcement of Biden’s election victory.
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