A user on prediction platform Polymarket has bet $1.2 million on the outcome of the US presidential election.
The user, known by the wallet address “Paragon,” received funds belonging to cryptocurrency exchange QCP Capital, According to To Arkham data.
The bet was split between two main positions: more than $600,000 on an outcome in which Trump loses and an equal amount on a Harris win, meaning they are betting that Kamala Harris will win the election.
If their predictions prove correct, the user stands to win over $2.6 million.
Following the September 10 debate between Donald Trump and Kamala Harris, the odds on both candidates on Polymarket were tied at 49%. Trump’s 5% lead dropped significantly after the debate, having previously seen a 72% surge 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 pack.
Bitcoin (BTC) fell more than 2.5% after the discussion.
The intersection of cryptocurrencies and politics
QCP Capital is a Singapore-based cryptocurrency trading firm known for its influence in the digital asset market. The company offers trading, investment and liquidity services across a wide range of financial instruments, including cryptocurrency trading and options.
QCP Capital’s involvement in such a high-profile bet shows that crypto finance and politics are intertwined in an unprecedented way this election season.
Additionally, the Polymarket platform, on which the betting was placed, gained massive momentum in this election as bettors placed large amounts of bets on the ongoing events. Polymarket is a decentralized prediction market that allows users to bet on the outcomes of real-world events using cryptocurrencies.
Polymarket was founded in 2020, and its popularity has reached an all-time high this year, with traders placing $100 million in accumulator bets in June alone.
The intersection of politics and cryptocurrencies in the 2024 US election, with platforms like Polymarket enabling people to put their crypto assets on the line in political betting, demonstrates the growing integration of decentralized finance into traditional industries and real-world events.