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Joe Biden’s controversial decision makes cryptocurrency investor $300,000 in profit
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With just over a month to go until he leaves the presidency of the United States, Joe Biden made a decision that generated a lot of controversy. Biden granted presidential pardon to his son, Hunter Bidenwho faces multiple charges.
In addition to illegal possession of a firearm, Hunter Biden is accused of committing tax fraud between 2016 and 2019a charge to which he has already pleaded guilty. However, his father’s pardon nullifies the charges Hunter was facing in the US.
Interestingly, the Polymarket betting platform, which gained fame in the US elections, opened the possibility of betting on Joe Biden’s decision. And the presidential pardon didn’t just benefit his son, since a cryptocurrency investor profited $331,000 by betting that Biden would pardon his son.
The decision generated numerous criticisms around the world, especially after Joe Biden stated in June that he would not pardon his son. Already the president justified his decision by claiming that the case against Hunter was “politically motivated” and “unfair”.
Investor earns US$300,000 from decision
Polymarket is a decentralized betting and prediction platform that gained fame after the dispute between Donald Trump and Kamala Harris, in which Trump emerged victorious. The power of Polymarket and its impact were such that the French government decided to invest against the company and threaten to ban it from the country.
Because Polymarket allows for the creation and trading of predictions, it can accommodate virtually any type of bet. In this case, speculation about the presidential pardon of Hunter Biden came into the platform’s sights.
One investor invested no less than US$88,000 claiming that Biden would grant his son a pardon, which in fact happened. With the decision, the bettor left with US$311,000 in profits after Joe Biden announced his pardon for his son last Sunday (1).
According to Polymarket data on November 30th, the average bet value was US$0.28, with the largest ones reaching US$1.00. The chances (odds) that Biden would pardon his son were at 52%.
In general, This Cryptocurrency Investor Earned a 254% Return on His Investment. Furthermore, this becomes an excellent example of why every market news is an opportunity for forecasters.
Hunter Biden has been involved in a four-year legal battle over the purchase of a firearm without registration or documentation. However, the president’s son is also involved with drug addiction and family problems, including possible possession of inappropriate material on your computer.
Joe Biden’s controversial decision makes cryptocurrency investor $300,000 in profit
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Joe Biden’s controversial decision makes cryptocurrency investor $300,000 in profit
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Joe Biden’s controversial decision makes cryptocurrency investor $300,000 in profit
