Tech billionaire Elon Musk has endorsed the cryptocurrency-based prediction platform Polymarket for projecting the outcome of the next U.S.presidential election.Posting on his social media platform X,Musk argued that prediction markets,where participants have a financial stake,may offer more accurate forecasts than traditional polling methods.This move has further solidified his growing association with crypto and decentralized platforms.

　　Musk’s support for Polymarket aligns with his backing of former President Donald Trump,whom he recently supported at a campaign event in Butler,Pennsylvania.On October 6,Musk shared a tweet highlighting Polymarket data showing Trump leading Democratic candidate Kamala Harris by 3%,suggesting that prediction markets with real money on the line might yield more reliable results than conventional polls.This tweet added to the ongoing conversation about Elon Musk’s crypto influence and his interest in cryptocurrency platforms that hold real-world significance.

　　Polymarket is a decentralized,peer-to-peer predictions platform where users stake USDC on the outcomes of various events.During the current presidential election cycle,the platform has seen record trading volumes,with some analysts suggesting that prediction markets could become valuable public resources for election forecasting.With Elon Musk’s cryptocurrency involvement gaining attention,his endorsement of such platforms hints at his belief in the future of crypto as a financial and predictive tool.

　　However,critics caution against placing too much trust in such platforms,arguing that financial speculation is not equivalent to political intent.People may bet on candidates they do not plan to support at the ballot box,raising questions about the true predictive power of these markets.Despite these concerns,Elon Musk’s new cryptocurrency-backed initiatives,like Polymarket,continue to gain traction,and the debate around their role in election forecasting is likely to grow.