Polymarket user bets $1.2m on Harris to win presidential election 

A user on the Polymarket prediction platform placed a $1.2 million bet on the outcome of the US presidential election.

According to Arkham data, the user whose wallet address is known as “paragon” received funds identified as belonging to cryptocurrency trading firm QCP Capital.

The bet was split between two major positions: over $600,000 on a Trump loss and an equal amount on a Harris victory, meaning they were betting that Kamala Harris would win the election.

POLYMARKET USER BETTED $1.2 MILLION ON KAMALA AFTER DEBATE

Polymarket address “paragon” bought over $600,000 each of Trump No and Kamala Yes, receiving funding from QCP Capital.

If Kamala wins the election, they could earn a prize of over $2.6 million. pic.twitter.com/trusElMGSF

— Arkham (@ArkhamIntel) September 11, 2024

If their predictions come true, the user could win a prize of over $2.6 million.

Following the September 10 debate between Donald Trump and Kamala Harris, both candidates’ odds on Polymarket are tied at 49%. Trump’s 5% lead has dropped significantly since the debate, which saw a peak of 72% following the Bitcoin 2024 conference. The total amount of bets on the next US president has exceeded $860 million, with Trump and Harris leading the pool.

Bitcoin (BTC) fell over 2.5 percent following the controversy.

The intersection of crypto and politics

QCP Capital is a Singapore-based crypto trading firm known for its influence in the digital asset market. The firm offers trading, investment, and liquidity services across a wide range of financial instruments, including crypto and options trading.

QCP Capital’s involvement in such a notable bet demonstrates the unprecedented intertwining of crypto finance and politics during this election season.

Additionally, Polymarket, the platform where the bet is made, has gained a lot of momentum this election, with bettors placing large amounts of wagers on current events. Polymarket is a decentralized prediction market that allows users to bet on the outcome of real-world events using crypto.

Founded in 2020, Polymarket’s popularity has reached an all-time high this year, with traders placing bets totaling $100 million in June alone.

The intersection of politics and crypto in the 2024 US elections, with platforms like Polymarket allowing people to risk their crypto assets on political bets, shows that decentralized finance is increasingly integrated into traditional industries and real-world events.