Blockchain data shows that a Polymarket user apparently bet $1.2 million on the result of the 2024 U.S. presidential contest. Identified by the wallet address “paragon,” the user is connected to funds coming from the Singapore-based crypto trading company QCP Capital, according to Arkham.
Two results divide the major bet, over $600,000 on Donald Trump failing and an equivalent sum placed on Kamala Harris ascending the president. Should the user’s predictions come true, they may win nearly $2.6 million.
The bet’s timing is interesting, it comes after a Sept. 10 debate between Trump and Harris. On Polymarket, both contenders have equal 49% odds.
Polymarket Bets Surge Higher
After the debate, Trump’s odds, which had peaked at 72% during the Bitcoin 2024 conference, shipped sharply down. Trump and Harris top the race as the whole volume of bets on Polymarket for the next U.S. president has now exceeded $860 million.
The argument also corresponded with the over 2.5% price decline of Bitcoin.Renowned participant in the digital assets market, QCP Capital, has attracted interest for its involvement in this wager.
From investment and liquidity management to cryptocurrency and options trading, the company provides a spectrum of services. Its participation in this high-stakes gamble emphasizes the growing link between political events during election season and the crypto realm.
During this election Polymarket, where the bet was placed, has been really popular. Being a distributed prediction market, it lets users gamble with cryptocurrency on actual occurrences. Having attracted over $100 million in bets in June alone, the site has soared since its 2020 start.
As well as the actual impact of cryptocurrencies in major events like the U.S. presidential election, the increasing use of platforms like Polymarket in political betting shows the expanding junction between distributed finance and conventional sectors.
