You can also read this news on COINTURK NEWS: Investor Strikes Gold with Bitcoin Bet on Prediction Market
A savvy investor known by the username u/MeLLoN98 recently turned a significant profit by accurately betting on Bitcoin surpassing $50,000 before February through the decentralized prediction market Polymarket. The user earned a 550% return on investment, transforming their initial stake into a sizable sum. Following this success, u/MeLLoN98 has placed a new wager predicting an all-time high for Bitcoin by the end of Q1.
Exceptional Returns on Crypto Predictions
Crypto investors are increasingly leveraging platforms like Polymarket to achieve returns that outpace the market average. This prediction market allows individuals to place bets on future cryptocurrency prices, providing an alternative to traditional investment strategies.
u/MeLLoN98, a prominent member of Reddit’s cryptocurrency community, initially converted subreddit-specific Moons tokens into 14,000 USDC to buy shares on a Polymarket contract at $0.15 each. Bitcoin’s value rise above $50,000 concluded the bet in their favor, resulting in a windfall exceeding $91,000.
The investor capitalized on free MOON tokens for the initial gain and is now focused on acquiring more, with plans to expand their MOON holdings via an upcoming liquidity partnership between Arbitrum One and Celer Network.
Investor Plunges $27,000 into New Bitcoin Peak Bet
Polymarket offers a variety of betting contracts on Bitcoin and Ethereum price movements. One such contract lets speculators predict whether Bitcoin will hit a new high on Binance by March 31. The “Yes” shares for this bet are trading at $0.18, implying a belief that there’s an 18% chance of Bitcoin reaching $68,789 by quarter’s end.
Under the pseudonym RedditMoons-10$ on Polymarket, u/MeLLoN98 has invested in over 230,000 “Yes” shares for the recent contract. The user has expressed that the new wager is more ambitious, costing around $27,000 with a potential return of $230,000, signaling continued confidence in taking risks for high rewards in cryptocurrency betting.