Polymarket reached a significant milestone as Bloomberg decided to integrate its data into its election terminal. Michael McDonough, Bloomberg’s chief economist for Financial Products, confirmed this integration.

Polymarket is a decentralized marketplace that allows users to bet on real-world outcomes, including events like the U.S. Presidential Election. Users place wagers using Circle’s stablecoin USDC to buy shares on supported predictions.

Created in 2020 by Shayne Coplan, Polymarket’s popularity has surged this year. In June, traders placed $100 million in cumulative bets, pushing the platform’s volume above $360 million for 2024.

US Election Bets Dominate Polymarket’s Volume

U.S. election outcomes have been a major driver of Polymarket’s volume. This year, 88% of all bets on the platform were election-related, with users wagering over $750 million on the “Presidential Election Winner 2024” bet pool. This is the largest prediction outcome on the platform.

Other significant events, such as January’s spot Bitcoin ETF approval and the Paris Olympics in August, also generated substantial trading activity.

Bloomberg’s Integration: A Step Towards Blockchain Utility

Bloomberg’s integration of Polymarket data is seen as a recognition of blockchain’s utility by a major traditional financial entity. Nate Geraci, president of ETF Store, noted that this move reinforces blockchain’s relevance to investors and market observers.

“This integration could establish the crypto platform as a global opinion hub, especially as some question its sustained volume post-elections.”

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