Ethereum Co-Founder Vitalik Buterin Made $70K From Prediction Markets Last Year. His Edge? 'Crazy Things Won't Happen'

Ethereum co-founder Vitalik Buterin says a elemental strategy grounded successful world made him 5 figures connected prediction markets past year.

Buterin told Asian-based cryptocurrency quality outlet Foresight News successful an interrogation released connected Jan. 28 that helium made $70,000 connected $440,000 superior by betting against "crazy things" connected Polymarket past year, a astir 16% return.

"My attack is simple: I look for markets that are successful ‘crazy mode' and past stake that ‘crazy things won’t happen,'" helium said.

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Buterin said helium tends to dabble successful authorities and exertion markets, saying that they are much prone to chaotic bets. He cited examples specified arsenic markets predicting that President Donald Trump would triumph the Nobel Peace Prize oregon that the dollar would spell to zero.

"When marketplace sentiment enters this irrational ‘crazy mode,' I stake connected the opposite, and that usually makes money," helium told Foresight News.

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Buterin is nary novice erstwhile it comes to prediction markets. The longtime protagonist of the betting platforms said successful 2024 that helium made $58,000 betting connected the 2020 U.S. statesmanlike election.

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Butterin said astatine the clip that prediction markets are 1 of the Ethereum applications that excite him the most. At the time, helium cited examples showing that prediction markets tin beryllium much close than polls. He added that combining prediction markets with quality sources could support users amended informed than relying connected a azygous source.

However, Buterin told Foresight News helium believes prediction markets inactive person country for improvement. The oracles, which the platforms relied connected for real-world information to determine markets, are vulnerable, helium said.

He cited an incidental successful which hackers allegedly manipulated a marketplace connected the Russia-Ukraine conflict, reportedly starring to $9,300 successful profits by someway making unauthorized changes to maps posted by the Institute for the Study of War, a Washington, D.C.-based deliberation tank.