"At the end of crypto exchange Coinbase's earnings call this week, CEO Brian Armstrong made a strange proclamation. "I was a little distracted because I was tracking the prediction market about what Coinbase will say on their next earnings call and I just wanna add here the words, Bitcoin, Ethereum, blockchain, staking, and Web 3, to make sure we get those in before the end of the call," he said."
"Prediction markets, most notably Polymarket, have long allowed crypto enthusiasts to bet on virtually anything from when the United States will confirm that aliens exist to whether president Donald Trump will say the word "tampon." But, as Armstrong concisely demonstrated, the odds can easily be manipulated by insiders, highlighting how fraught gambling on future events, particularly with the use of unregulated assets, can be."
"Indeed, as Armstrong suggested during the earnings call, both prediction market sites Kalshi and Polymarket had open bets betting on what Coinbase leadership would say during its next earnings call. Around 8 pm on Thursday, percentages for bets on the company saying the words "Bitcoin," "Prediction Market," and "Web 3" all shot up to just under 100 percent on Kalshi, perfectly aligning with Armstrong's remarks at the end of Thursday's earnings call."
Coinbase CEO Brian Armstrong purposely said the words Bitcoin, Ethereum, blockchain, staking, and Web 3 during an earnings call while tracking prediction-market bets. Prediction markets such as Polymarket and Kalshi allow participants to wager on real-world events and statements. Those markets had open bets on what Coinbase leadership would say, and percentages on certain word bets surged to nearly 100 percent on Kalshi after Armstrong spoke. The sudden shifts reveal how insiders can easily manipulate odds on prediction platforms. Kalshi and Polymarket recorded roughly $80,242 and $3,912 in bets, respectively. No federal law explicitly bans crypto gambling, leaving regulatory decisions to states.
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