- Former U.S. President Donald Trump has reversed his critical position on prediction markets, acknowledging their popularity among “very smart” people.
- This shift comes just days after he called the world “somewhat of a casino” and expressed general disapproval of such betting platforms.
- The markets, including platforms like Polymarket and Kalshi, saw a massive $23.6 billion in trading volume in March alone.
- Trump’s own business and family are now involved, with a planned partnership on Truth Social and his son holding advisory roles.
Former U.S. President Donald Trump offered a more conciliatory view on prediction markets during a press briefing in Florida on Saturday. This marked a sudden reversal from his earlier criticism just days prior, where he bemoaned their surging popularity.
“I don’t know. I know some people who are very smart. They like it,” Trump told reporters when questioned about his previous stance. He also noted, “A lot of other countries are doing it, and when the other countries do it, we get left out in the cold if we don’t do it.”
However, his comments on Thursday from the White House were far less supportive. Trump stated he was “not happy” with prediction markets and conceptually did not like them, calling the world “somewhat of a casino.”
Meanwhile, platforms such as Polymarket and Kalshi have exploded in use. The two together processed a record $23.6 billion in trading volumes in March, according to Token Terminal.
Consequently, Trump’s personal connections to the industry are deepening. His son, Donald Trump Jr., invested in Polymarket last August and also serves as an adviser to rival Kalshi.
Furthermore, Trump Media announced in October a plan to launch prediction markets in partnership with crypto.com on its Truth Social platform. President Trump divested his stake in the company upon taking office, with his shares held in a trust managed by his son.
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