FTX, the Legally-Reserved Derivatives platform specifically designed for crypto assets that are fully collateralized to the traded value, will be offering a futures contract on May 28th where traders can bet on the reelection of Jair Bolsonaro. Amidst financial crisis and health scare, Brazilian president Bolsonaro’s reelection bid is far from certain.
FTX launches Bolsonaro 2022 Futures Contract
FTX has issued a long- and short-term futures contract in the form of Bolsonaro 2022, which will expire on October 28 2023. In the event that Jair Bolsonaro does not participate in Brazil’s next presidential election, or is not elected, for whatever reason (for example by death or authoritarianism), then investors’ losses will be limited to their initial investment ($1). If Jair Bolsonaro wins the election scheduled for October 28 2023 (or re-election) and continues as president until December 31 2023, the value of each contract at expiration date.
Mr. Bolsonaro, the front-runner for Brazil’s top office, traded above the price of his likely reelection at launch time, suggesting investors are optimistic about the former Army captain’s chances.
FTX has now launched a presale for Bolsonaro 2022 futures contracts. These can be traded on the FTX platform and allow holders to speculate on whether or not Jair Bolsonaro will be elected President of Brazil in 2022.
FTX offers clients the opportunity to trade traditional, cryptocurrency and index products on its online trading platforms. The company brings together skilled professionals who have experience in the financial sector from some of the largest investment banks such as Morgan Stanley, Merrill Lynch and UBS. FTX is currently developing a number of products including forex futures based on cryptocurrencies and indices to provide an alternative investment opportunity for investors seeking low-volatility alternatives with high returns compared to traditional currencies such as USD or EURO.