Coinbase CEO: Prediction markets are a substitute for traditional media, stronger than traditional polling signals

In an interview, Brian Armstrong, CEO of Coinbase, commented on the prediction market. The prediction market is much more than sports or policy bets. It is actually an alternative to traditional media. It can get real signals from the market, and policymakers can use it to determine which policies are best implemented and understand what will happen if those policies are actually implemented. Prediction markets have stronger signals than traditional polls. There are real incentives for telling the truth, and strong financial penalties for lying.