Former President Donald Trump’s chances in the upcoming U.S. Presidential Election have increased to 53% on Polymarket, a decentralized prediction marketplace. This rise puts Trump ahead of Vice President Kamala Harris in the betting odds.
$205K Bet on Trump’s Election Victory Yields $15K Profit
Three days ago, an unknown person signed up to Polymarket and withdrew 205k USDC from Binance, which is one of the largest exchanges for cryptocurrencies. This user then purchased 417,252 “Yes” contracts on Polymarket, a prediction that Trump would win the election. However, in another report by Lookonchain, an independent blockchain analysis platform, this person is now sitting on an unrealized profit of $15,000 due to the market moving significantly in Trump’s favor.
Polymarket is an application that allows people to bet using tokens, on certain outcomes of events. They can range from political processes, including elections, and sporting and entertainment events to actual phenomena that are relevant in space, such as the presence of other life forms.
In Polymarket, users express their opinions and make predictions on certain event through investing in shares that depict certain outcomes. When the event they stake on occurs, the shares that they hold in the company will be worth more, hence being able to make a profit. According to the current bet of Trump, the user is now in the positive area as the odds turned in favor of Trump.
Polymarket Sees Rise in Crypto Bets Ahead of U.S. Election
For instance, the platform has a lot of users in the crypto community, who simply like to bet on different outcomes, whether they are political or completely frivolous. Polymarket is an application where individuals can make various types of predictions, making it an entertaining platform for individuals interested in cryptocurrencies to bet on the outcome of various occurrences.
This recent bet on Trump, reported by Lookonchain, also shows increasing attention to decentralized applications like Polymarket where users can place bets on predictions without having to rely on the financial system. This may see even more activity as the U.S Presidential Election draws closer so people would want to bet on their favorite candidates.
