Zinger Key Points
- Crypto trader Redegen suffers $6.7 million loss after betting on Kamala Harris to win the popular vote.
- Despite heavy losses, Redegen expresses appreciation for the "fair and fun" atmosphere on crypto prediction platforms.
Pseudonymous Polymarket trader ‘Redegen‘ ended Election Day down $6.7 million, marking a dramatic setback in his high-stakes political betting after Donald Trump won re-election.
What Happened: Redegen, now going by “theRealTaylorSwift” on prediction market Polymarket, placed substantial bets on Kamala Harris winning the popular vote and the presidency, acquiring a massive 9.2 million shares on Harris winning the popular vote and 2.6 million shares on her winning the presidency. Although he anticipated a Trump victory in the electoral college, Redegen believed that Polymarket was "systemically overweighting" Trump and "underweighting" Harris, which led him to hold onto his bets.
His portfolio now stands at a $6.8 million loss after former President Trump secured a second term and won the popular vote. The former President’s chances to do so were rated around 25% before votes started being counted.
Another notable loser betting on Harris was spotted by Lookonchain data. Polymarket trader ‘leier’ spent 5 million USDC on November 4 betting on Kamala Harris winning the U.S. election. His current loss stands at $4.9 million.
Also Read: Bitcoin’s Future Under President-Elect Donald Trump: A Look At His Crypto Policies
Why It Matters: Redegen's strategy and losses have sparked discussions within the crypto trading community. Despite his substantial loss, he expressed gratitude for the experience and praised prediction platforms for maintaining a fair environment.
Despite his data pointing to a Trump presidency, he had chosen not to offload shares on Polymarket due to this perceived systemic overweighting.
His high-stakes gamble serves as a stark reminder of the volatility and risk associated with prediction markets and crypto trading.
What’s Next: The influence of prediction markets is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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