Crypto-Fueled Speculation on the Next Pope: Politicking Goes Digital
Deceptive Vatican Announcement Sparks $6.4 Million Growth in Polymarket's Future Pope Wagers
In the midst of anticipation surrounding the selection of the new Pope, an online dust-up has erupted, with a bogus announcement falsely claiming the Catholic Church aimed to excommunicate gamblers using prediction market platforms like Polymarket.
The phony statement, shared on social media platform X, was peddled by an account boasting over 240,000 followers in a bid resembling an authentic Church missive.
The Viral Deception: Nothing Sacred About Your Crypto Betting
The spurious post justified its objection to platforms such as Polymarket by labeling the papal election a "speculative exercise". The post further implored faithful individuals to regard the Conclave as a religious, not financial, matter.
However, the claim rapidly proved to be a fabrication. Upon closer inspection, the text lacked the Church's formal tone and formatting, refused to capitalize Church-related keywords such as "Conclave" or "Papal Election", and surprisingly called out Polymarket by name - a practice highly unlikely from Vatican standards.
Despite the hoax, it accidentally unveiled internal, updated data from Polymarket. A screenshot embedded within the hoax suggested that total wagers on the papal successor were at a staggering $2.5 million as of April 21, a figure that has since more than doubled.
Originally, Polymarket launched their "Next Pope" market in February before Pope Francis' demise this week, with the escalating buzz around the papal succession driving interest.
In spite of this viral hoax, the Catholic Church has exhibited little concern for the crypto sector, with only isolated instances like a US archdiocese accepting Bitcoin donations marring an otherwise passive approach. The chance of Church leaders taking note of Polymarket, particularly amidst such a pivotal moment like the election of a new Pope, remains slim.
Nevertheless, the sharp increase in betting volume shines a light on the union between global religious tradition and decentralized prediction markets. As of now, the "Next Pope" market remains one of the most active on Polymarket.
Polymarket's uptick in trading activity symbolizes a broader tendency: crypto-native platforms transforming into live arenas for speculation regarding significant political, cultural, and religious events.
Although it's unlikely the Catholic Church will weigh in on the Web3 revolution anytime soon, the sudden wave of interest illustrates how digital markets increasingly echo - and intensify - the pulse of public discourse.
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Enrichment Data: The relationship between the Catholic Church and prediction market platforms primarily revolves around the Church being a subject of speculation, with platforms like Polymarket offering users the chance to wager on the next Pope. Polymarket's total wagers regarding the papal succession have surpassed $6.4 million, significantly increasing since early April. The Catholic Church's stance on this remains passive, as evident by their occasional acceptance of Bitcoin donations but limited involvement in these markets. The papal election process, on the other hand, remains traditional and secretive, involving cardinals under 80 years old gathering in Rome to deliberate and vote through a conclave.[1][3]
- The bogus announcement about the Catholic Church and gamblers on Polymarket was revealed to be a fabrication, despite its viral spread.
- ThePolymarket's "Next Pope" market, launched in February, has seen a surge in trading activity, with total wagers surpassing $6.4 million.
- The Catholic Church, while occasionally accepting Bitcoin donations, has shown little concern for crypto prediction markets like Polymarket.
- The significant increase in betting volume on Polymarket has highlighted the growing union between global religious traditions and decentralized prediction markets.
- Digital markets like Polymarket are transforming into live arenas for speculation on significant political, cultural, and religious events.
- The sudden wave of interest in betting on the papal succession on Polymarket underscores how these markets mirror and amplify public discourse.
- Even though the Catholic Church may not weigh in on the Web3 revolution soon, the increases in trading activity demonstrate its potential impact on public interest and speculation.
