As a seasoned crypto investor with a knack for taking calculated risks, I can’t help but feel a twinge of empathy for xQc, the Canadian streamer who missed out on a potential $1 million profit by betting on Harris instead of Trump. While I admit to having made similar mistakes in my own investing journey, I must confess that this one stings a little differently.
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?
This year, one of the most talked-about subjects is the U.S. presidential elections. As per the latest findings, it appears that Republican candidate Donald Trump has clinched the presidency, winning crucial battles in key battleground states such as 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 was just too good an opportunity to miss out on, given the odds! Don’t misunderstand me, please. By the way, sorry for any confusion but I can’t vote – I’m Canadian.
— xQc (@xQc) November 4, 2024
A majority of X users who commented on the post deemed the bet as unjustified, given Trump’s higher chances of winning. One individual took it a step further, advocating that xQc should have donated the money to charity rather than wasting it by betting on Harris.
The Market’s Reaction
Immediately following news suggesting that Trump’s election victory was imminent, several major cryptocurrencies started moving upward.
Bitcoin (BTC) hit a record high above $75,000 before slightly pulling back to its current price of around $74,000, according to data from CoinGecko. Dogecoin (DOGE) reached an eight-month peak nearly reaching $0.21, and various meme coins associated with Donald Trump experienced significant gains in double digits.
Instead of gaining traction, memes linked to the Democratic candidate saw significant declines. As CryptoPotato reported, both Kamala Harris (KAMA) and Kamala (KAMABLA) suffered drops of more than 90% daily.
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2024-11-07 01:56