New FTX Derivative Lets Traders Bet on Re-Election of Brazil’s Bolsonaro

Cryptocurrency derivatives exchange FTX has launched a futures contract allowing traders to take a bet on the re-election or otherwise of Brazilian President Jair Bolsonaro.

The contract, announced by FTX CEO Sam Bankman-Fried on Twitter Saturday, will expire to $1 if Bolsonaro wins re-election and $0 if he does not.
“Bolsonaro 2022” should theoretically track the Brazilian president’s perceived chances of re-election. It is not available to traders in the U.S.
The election is set to be held on Oct. 2, 2022, with a second round scheduled for Oct. 30 should no candidate receive more than 50% of the vote in the first round.
Polling has Bolsonaro trailing the Workers’ Party candidate, former President Luiz Inácio Lula da Silva.
The most recent research by Datafolha gives Lula a lead of 23 points in a run-off vote between the two.
Bolsonaro 2022 follows a similar contract launched by FTX on President Donald Trump’s ultimately unsuccessful re-election in the U.S. in 2020.
More recently, the exchange listed a WallStreetBets futures contract to capitalize on the retail trading fervor in January.

Also read: Consensus 2021: Crypto Is Booming in Brazil, but Regulations Lag Behind

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.