TL;DR
- Popular Canadian online streamer missed a profit of almost $1 million worth of BTC after betting on Harris to become president.
- Trump’s victory fueled a crypto rally, with bitcoin reaching a new peak of over $75K.
Betting on the Wrong Horse?
The US presidential elections are undoubtedly among this year’s hottest topics. The latest results show that the 47th president of the country will be Republican Donald Trump, who secured vital victories in swing states like Pennsylvania, Georgia, and North Carolina.
His win led to a massive resurgence of the cryptocurrency market. Therefore, it was cheered by numerous proponents of the asset class and investors.
However, it is not beneficial to everyone. The popular Canadian online streamer Félix Lengyel, better known as xQc, revealed that he wagered $700,000 worth of Bitcoin (BTC) on Harris. A victory for the Democratic candidate would have resulted in a massive profit of almost $1 million in the primary cryptocurrency.
THIS BETTER HIT LMFAO, THE ODDS WERE TOO GOOD I HAD TO. DONT GET IT TWISTED
PS: DONT GET MAD I CANT EVEN VOTE IM CANADIAN pic.twitter.com/X2tECDEU8M— xQc (@xQc) November 4, 2024
Most of the X users commenting on the post described the bet as unreasonable, considering Trump’s better odds of emerging victorious. One person went even further, arguing that xQc should have donated the funds to charity instead of “burning it” by placing it on Harris.
The Market’s Reaction
As mentioned above, multiple leading cryptocurrencies headed north immediately after the reports indicating that Trump’s win in the elections was just a matter of time.
Bitcoin (BTC) soared to a new ATH of over $75,000 before slightly retracing to its current $74,000 (per CoinGecko’s data). Dogecoin (DOGE) pumped to an eight-month high of almost $0.21, while numerous Trump-related meme coins skyrocketed by double digits.
On the contrary, memes connected to the Democratic candidate witnessed crucial losses. As CryptoPotato reported , Kamala Horris (KAMA) crashed by over 90% daily, whereas Kamabla (KAMABLA) experienced a similar collapse.
