Trader Up $500,000 Betting On Kamala Harris, Could Make Another $1M If The Vice President Wins The Election
By Benzinga
In a high-stakes move on the betting platform Polymarket, a trader known as 50-Pence has seen notable gains from their bets on the 2024 U.S. presidential election.
What Happened: This savvy trader has already secured more than $500,000 in profits on a position that predicts Kamala Harris will win the presidency, and the potential payout could reach an impressive $2.4 million if Harris secures the victory in November.
50-Pence’s portfolio reflects a deep confidence in Kamala Harris’s chances, with 2,191,088 shares placed on the outcome of her winning the 2024 Election.
The average price for these shares was $0.32, and with the current price standing at $0.53, this position alone has grown to $1,161,276.41, netting the trader an impressive profit of $456,171.29, representing a 64.70% return.
But that’s not all—50-Pence has also bet on Harris winning the popular vote, holding 163,319 shares.
These shares were acquired at an average price of $0.49, and the current price of $0.76 has brought the value of this position to $124,612.15.
This translates to a $45,069.42 profit, or a 56.66% increase on the initial investment.
In addition to these Harris-focused bets, 50-Pence has diversified their portfolio with a bet on the 2024 balance of power, which includes predictions of a Democratic President, Republican Senate, and Democratic House.
With 16,240 shares acquired at an average price of $0.18 and the current price at $0.30, this position is valued at $29,054.97, though it’s a smaller portion of the trader’s overall portfolio.
Overall, 50-Pence’s positions are valued at $1,641,046.18, with total profits currently standing at $1,545,183.36. This showcases the trader’s strategic foresight and ability to capitalize on market trends.
What’s Next: The rise of traders like 50-Pence underscores the increasing influence of digital assets and blockchain-based platforms in financial markets.
As these trends continue to evolve, the upcoming Benzinga Future of Digital Assets event on Nov. 19 will be a critical forum for exploring the role of digital assets in global finance.
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Image: Shutterstock
