Crypto options traders can soon target bets on US presidential results

Crypto derivatives exchange Deribit is providing Bitcoin and Ether options that enable investors to customise bets for right after the conclusion of the upcoming US presidential election.

The exchange is offering contracts that expire on November 8, three days after US citizens cast their presidential ballots. The options will be available July 18.

“The upcoming elections could serve as a pivotal moment for the crypto market, given the increasing significance of digital assets in political campaigns and voter preferences,” said Luuk Strijers, chief executive of Deribit. “As a result, our clients are eager to hedge, speculate, and position themselves for this event.”

The crypto industry has become laser-focused on the outcome of the election, which is forecast by some observers to potentially decide the future of crypto regulation in the US.

Donald Trump gained more support from the crypto industry after the presidential candidate met with the executives of Bitcoin mining firms at his Mar-a-Lago estate in June. A couple of weeks after that, a pro-Bitcoin stance was declared in his party’s official platform.

“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency,” the platform states.

The odds of a Trump presidency jumped to over 69% after a failed assassination attempt on the presidential candidate at a campaign rally over the weekend, according to data from PredictIt. Bitcoin has rallied around 12% during that period to about $64 300.