Not only the future of the country depends on the results of the US elections, but also the price of the tokens “Trump wins” and “Trump loses”. Holders of the token for the victory of the incumbent president will be able to receive 163% profit in a day or lose all investments
On Tuesday, November 3, the US presidential election will take place. The incumbent President Donald Trump is confronted by former Vice President and Democratic candidate Joe Biden.
Participants in the crypto market can make money at the end of the elections by buying special tokens, and thus placing a bet on one of the candidates.
In August, the FTX derivatives platform issued TRUMPWIN (Trump will win) and TRUMPLOSE (Trump will lose) tokens, which are now traded on the platform itself, as well as on the Poloniex and C2CX exchanges.
The peculiarity of these tokens is their pricing. After the announcement of the voting results in the United States, one of the tokens will rise in price to $ 1, and the other will depreciate. The asset rate reflects the confidence of the crypto community in the victory of one of the candidates.
By November 2, the TRUMPWIN coin, which holders expect Trump to win, is worth $ 0.38. If the current president is re-elected, users who buy the asset at the current price will receive a 163% profit. In this case, TRUMPLOSE holders will lose all investments. The TRUMPLOSE token costs $ 0.64. Holders who bought the coin at this level will receive a profit of 56% if Trump loses, or they will lose all the money if the result is different.
FTX released the first tools for the results of the US presidential election at the beginning of the year. Then the exchange added a separate futures contract for each of the candidates.
In February, the Trump contract cost more than $ 0.60, but the situation began to change dramatically after the outbreak of the coronavirus pandemic, the crisis caused by it and the collapse of the stock market. Since then, Trump futures have fallen in price by about 40%.
Against this background, the Biden contract has risen in price. At the end of February, this futures was worth about $ 0.05. The price began to rise with the onset of the crisis and has increased by 1180% by now.