User Loses $2 Million After Biden Withdraws from Re-election Race

After President Joe Biden announced that he will not seek re-election, the cryptocurrency market experienced a significant shock. Bitcoin immediately dropped by $1,600, and the memecoin bearing his name lost up to 80% of its value.

Simultaneously, many users on betting markets like Polymarket also suffered heavy losses. Biden’s announcement rendered any positions betting on his victory in the upcoming race worthless.

Related: Joe Biden Withdraws from U.S. Presidential Race

On Polymarket, Biden was removed from the betting list, while Kamala Harris’s odds increased to 31%.

Trader Loses $2 Million and Those Who Benefited

A Polymarket trader named AnonBidenBull lost a total of $2 million across three positions due to his belief in the incumbent president. Conversely, others are benefiting from the situation.

One user placed a bet of nearly $12,500 on Kamala Harris, expecting her to become the Democratic candidate to replace Biden. As a result, this trader’s position value has soared by over 6,000%, reaching nearly $769,000. Former President Donald Trump’s support remains steady at 64%.

In recent weeks, cryptocurrency traders have flocked to Polymarket, especially as speculation about Biden exiting the race increased. The platform has recently appointed renowned election statistician and founder of FiveThirtyEight, Nate Silver, as an advisor.