Bitcoin News and Finance
Users on Ethereum’s Decentralized Polymarket Speculate on Biden’s Impeachment Skip to main content

Users on Ethereum’s Decentralized Polymarket Speculate on Biden’s Impeachment

Users on Ethereum's Decentralized Polymarket Speculate on Biden's Impeachment

After the Republican House of Representatives speaker, Kevin McCarthy, directed the House to open an impeachment inquiry into Joe Biden, bettors on the cryptocurrency-powered Polymarket platform have started placing bets on whether Biden will be impeached by two specific dates. Currently, bettors are wagering against impeachment on or before two specific dates: September 30, 2023, and December 31, 2023.

Polymarket Bettors Predict Slim Odds for Biden’s Impeachment

In both traditional and decentralized betting circles, gamblers are placing bets on whether Joe Biden will be impeached after House speaker Kevin McCarthy initiated an inquiry into Biden on September 12, 2023. McCarthy and other GOP House members contend that U.S. president Biden may have misled Americans regarding his son Hunter Biden’s overseas business dealings. Specifically, Biden is accused by McCarthy and others of alleged “abuse of power, obstruction and corruption.”

“I am directing our House committees to open a formal impeachment inquiry into president Joe Biden,” McCarthy said. “Over the past several months, House Republicans have uncovered serious and credible allegations into president Biden’s conduct—a culture of corruption.”

One particular claim suggests the president might have received funds from a Ukrainian energy firm, Burisma, during his tenure as vice president under Barack Obama. Hunter Biden, the president’s son, had significant ties with Burisma then. In March 2023, House Oversight Committee chairman James Comer further stated that State Energy HK Limited, connected to the Chinese Communist Party-backed energy behemoth CEFC China Energy, transferred $3 million to a Biden family associate.

With McCarthy’s proposed inquiry into Biden, the public speculates on its likelihood. Congress can impeach a sitting president for “treason, bribery or other high crimes and misdemeanors.” Yet, no U.S. president has ever been ousted due to impeachment. Gamblers, however, are now placing bets on Biden’s potential impeachment on both traditional betting venues and decentralized prediction markets like Polymarket.

One specific bet on Polymarket focuses on whether Biden will be impeached by September 30, 2023, or December 31, 2023. The likelihood of impeachment by September 30 is very low, with a 99.4% chance against it. For the latter date, the probability stands at 96% against. “Neither trial nor conviction by the Senate, nor removal from office, is necessary to resolve this market to ‘Yes,’” notes the Polymarket impeachment page.

Prediction markets and gambling sites can reflect public opinion on upcoming events. For example, the odds of impeachment were also low on February 1, 2023, per presidentialelectionodds.net. Then, the question “Will Joe Biden be impeached by June 30, 2023?” had odds of -390 for “no” and +270 for “yes.” Gambling.com’s stats from September 11, 2023, indicate that “according to the bookies, Biden has a 36.4% chance of winning the next election, at odds of 7/4.”

In late August, after the first Republican debate, bettors on Polymarket placed bets that former president Donald Trump would secure the Republican nomination. Currently, that specific bet on Polymarket remains active, and Trump continues to lead among the Republican contenders.

What do you think about the betting markets for whether or not Biden will be impeached? Share your thoughts and opinions about this subject in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory