Robinhood sees surge in Bitcoin, Gold prediction markets as traders move beyond sports
Source: CoinDesk ·
From the source
The company's head of futures and prediction markets said bitcoin, gold and oil contracts are among its fastest-growing prediction markets. Robinhood is seeing growing demand for prediction markets tied to bitcoin, gold and oil, as traders increasingly look beyond sports and elections to bet on moves in financial markets. Price volatility contracts tied to those assets are among the fastest-growing products in prediction markets, according to JB Mackenzie, VP and GM for futures and prediction markets at Robinhood. Sports is the largest product the platform offers, said Mackenzie at the NEXTPredict conference in New York on Thursday. However, he said there is a shift in how people use the platform. "We've now started to see price volatility contracts, such as bitcoin, crude oil, gold, start to dominate the marketplace, and they're the fastest growing products that are out there," Mackenzie said. Prediction markets allow traders to buy contracts based on whether an event will happen,…