Renowned statistician and pollster Nate Silver has been appointed as an advisor to the cryptocurrency-based prediction market, Polymarket. The move comes as the platform aims to broaden its forecasting around news events.

What Happened: Polymarket has enlisted Silver’s expertise to enhance its forecasts around news events, according to a report by Axios. The decision aligns with the growing trend of Americans turning to prediction markets to navigate through turbulent news cycles, and the increasing reference to prediction odds by news outlets for the outcomes of news events, especially elections.

Nate Silver founded FiveThirtyEight, which has been used to predict the outcomes of several presidential elections.

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Launched in 2020, Polymarket is a decentralized prediction market that allows users to bet on major global events using cryptocurrencies. Users can buy or sell outcome shares, which can be redeemed for $1 if the outcome is correct, and become worthless if it’s incorrect.

The platform has rapidly emerged as one of the world’s top prediction markets for U.S. elections. However, it currently does not allow U.S. users to place trades based on its predictions.

Why It Matters: His appointment to Polymarket comes in the wake of his recent predictions about the 2024 elections. Last month, Silver suggested that Donald Trump could secure an absolute majority in the 2024 election. He noted that the reasons favoring Trump’s win have gradually become more compelling than those for Biden.

Meanwhile on Polymarket, the odds of President Joe Biden dropping out of the presidential race has soared from 33% to 66% in the last 24 hours, amid confirmation from the White House that he has tested positive for Covid-19. Earlier today he said he’d consider dropping out if he had a “medical condition.”

Image via Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.