Trump’s Bitcoin speech sparks $2.6m Polymarket dispute

Some Polymarket betters challenged the platform’s resolution of $2.6 million worth of wagers on Trump’s Bitcoin reserve pledge in Nashville.

Last weekend, former U.S. President and Republican candidate Donald Trump informed 20,000 Bitcoin (BTC) 2024 attendees of plans to stop government selling if elected come November. The U.S. government is the largest geopolitical Bitcoin owner, with a trove of 183,000 BTC worth over $12.7 billion, per Arkham.

Polymarket judged that Trump’s remarks on retaining America’s BTC holdings would effectively create a strategic national Bitcoin stockpile. 

“For the purposes of this market, this suffices as Trump announcing a strategic bitcoin reserve. Thus, this market should resolve to ‘Yes’,” according to the Polygon-based decentralized prediction platform. 

Discord among Polymarket betters

Allegations of fraud and discontent filled the “Will Trump announce strategic Bitcoin reserve?” bet comment section on the predictions marketplace. Several betters who purchased “No” shares from the poll felt cheated by the platform’s decision.

The reoccurring chorus among disputers argued that Trump’s plans to keep America’s Bitcoin differ from announcing a strategic reserve. Many users, who likely bought “Yes” shares and are due for returns on bets, vehemently disagreed that a stockpile and a strategic reserve mean separate ideas.

Winning bettors urged disgruntled users to offload their “No” shares before Polymarket finalized the market. This is the last procedure before betters either receive winnings or confirm losses. The bet was disputed at least twice, but a different bet outcome seemed unlikely.