SAN FRANCISCO / LONDON (IT BOLTWISE) – Coinbase CEO Brian Armstrong caused a stir when he read out a list of crypto buzzwords during the final seconds of its third quarter report. This action influenced prediction markets and resulted in unexpected profits for some participants. Reactions ranged from enthusiasm to concerns about possible market manipulation.
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In a surprising twist during Coinbase’s third quarter earnings call, CEO Brian Armstrong read out a list of crypto buzzwords in the final seconds. This action had an immediate impact on prediction markets such as Kalshi and Polymarket, where users had bet on which terms would be mentioned during the call. Armstrong’s spontaneous decision to mention terms like Bitcoin, Ethereum, Blockchain, Staking and Web3 resulted in all bets being off on ‘yes’.
Reaction to Armstrong’s action was mixed. While some users of prediction markets were thrilled to see their last-minute bets pan out, others expressed concerns about the ease with which such markets can be influenced. Armstrong later explained that the decision was made spontaneously after someone on his team posted a link to the prediction markets in the chat.
Prediction markets are powerful tools for estimating expectations, but they rely on the trust that insider knowledge will not be exploited for personal gain. Actions like Armstrong’s raise questions about possible market manipulation, even though most market participants reacted positively to the unexpected gains.
Despite the conference’s unusual ending, Coinbase posted impressive third-quarter results. The company reported net income of $432.6 million on revenue of $1.9 billion, up 55% year over year. Additionally, Coinbase increased its Bitcoin holdings by 2,772 BTC to a total of 14,458 BTC, making it once again one of the top ten companies with Bitcoin holdings.
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