X (Twitter) partners with prediction market Polymarket originally appeared on TheStreet.
The social media platform X announced on June 6 that it has signed up the cryptocurrency-based prediction market, Polymarket, as its official partner.
Headquartered in Manhattan, New York City, Polymarket is the world’s largest prediction market. Launched in 2020, the platform lets investors place bets on a number of events, such as political phenomena, economic news, sports, entertainment, etc., using cryptocurrency.
X, owned by the billionaire tycoon Elon Musk, is easily the most popular social media platform among the crypto community. While the community has hoped for years for X to directly integrate crypto payments into its social platform, it can certainly live with this step forward for now.
Musk himself has often touted cryptocurrencies such as Bitcoin and Dogecoin as useful tools in the modern economy. His electric vehicle company Tesla (Nasdaq: TSLA) holds 11,509 BTC on its balance sheet that is worth $1.2 billion at the time of writing. The company even offered crypto payments for a while but abandoned the program after a while back in 2021.
Musk, who successfully backed Donald Trump during the 2024 presidential election, had also hailed the prediction markets, in reference to Polymarket, for being “more accurate than polls, as actual money is on the line.”
Even though the tycoon and the president are now having a public feud, the announcement sent the crypto community into a state of frenzy.
U.S.-based crypto exchange Kraken was rather surprised: “Ayo?!!!”
The crypto payment service MoonPay reacted: “POLYMARKET FOR THE WIN.”
Popular NFT series Pudgy Penguins wondered: “So you’re saying we’ll be able to gamble on the Trump/Elon twitter fight?”
