Polymarket user AnonBidenBull loses $2 million following Biden's withdrawal from race

Crypto Ecosystems • July 21, 2024, 6:16PM EDT
Published 1 minute earlier on
The Block

Quick Take

  • A Polymarket user betting on Joe Biden to win the Democratic Presidential nomination, race, and popular vote has lost $2 million following the President’s announcement that he is stepping down as his party’s nominee.
  • Another trader scored a 6,000% increase in their initial bet that Kamala Harris would be the nominee. 

As the political world reacts to President Biden's recent announcement that he will be stepping down as the Democratic Party's nominee in the upcoming election, betting markets like Polymarket are reacting in tandem. 

Unfortunately for some traders, Biden's announcement means any positions betting on him to win the upcoming race are now essentially worthless.

One such trader, AnonBidenBull, saw the value of three of his positions on Polymarket decline by a total of $2 million following Biden's announcement. AnonBidenBull had bet considerable sums that Joe Biden would win the 2024 nomination, win the Presidential election, and win the popular vote. But following Biden's announcements, the value of their positions crashed by 99%. 

However, other traders found themselves on the right side of the news. One such trader had bet nearly $12,500 that Kamala Harris would be the 2024 Democratic nominee. While her ascension isn't yet certain, since Polymarket currently has VP Harris's odds at 79%, the value of that trader's position increased by over 6,000% to nearly $769,000. 

Crypto traders have flocked to Polymarket in recent weeks, especially as speculation over Biden dropping out of the race began to swell. The site recently tapped election statistician Nate Silver, founder of FiveThirtyEight, as an advisor.


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About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].