ChainCatcher News, Ethereum co-founder Vitalik Buterin revealed that last year he made a profit of $70,000 on the prediction market platform Polymarket, with a strategy of specifically betting against those “crazy predictions.” Buterin stated: “I look for markets that are in a frenzy, then bet that crazy things won’t happen.” He invested approximately $440,000 principal, with an annualized return of about 16%.
Vitalik gave an example that markets betting on Trump winning a Nobel Peace Prize or the US dollar collapsing are good targets for his reverse bets. This is not the first time he has publicly discussed profits from prediction markets; during the 2020 US presidential election, he also earned $58,000 using a similar strategy.
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