Pope Crypto Betting Frenzy: Trader Turns $1K Into $64K Amid Papal Election Upset

Celebrations are underway across the world as Robert Francis Prevost begins his Vatican tenure as the first American pope of the Catholic church. However, in the cryptocurrency community, his election Thursday was a clear upset.

Crypto bettors have been joining the papal frenzy by betting their cryptocurrencies on various market prediction platforms. On Polymarket alone, the event contract seeking to determine which top candidates will be the next pope saw betting volumes above $31 million.

Prevost election deals major blow to crypto bettors

On Polymarket, which has seen an influx in crypto traders engaging on event contracts since news of Pope Francis's passing hit the newsstands, Cardinal Pietro Parolin was the frontrunner.

Drawing nearly $2.6 million in bets, Parolin was a clear favorite. After all, he was a leading candidate to replace Pope Francis across multiple shortlists.

Cardinal Luis Antonio Tagle of the Philippines was following Parolin's numbers closely. Over $2.2 million bets were placed on the Filipino cardinal, who also earned the moniker "Asian Francis" over the years.

Even on Kalshi, Parolin was a favored name. His odds were as high as 68% until the end of the conclave, while Prevost only had a 1.2% chance of being elected when the Catholic church confirmed the selection of a new pontiff.

Crypto traders makes thousands in dark horse bet

Back on Polymarket, one crypto trader turned his $1,000 into over $64,000 after he bet "Yes" on Prevost, who is now Pope Leo XIV.

Compared to those who bet on Parolin and Tagle, Polymarket betting volumes on Prevost were at $1.4 million.

The same trader also bet No on Parolin, making over $55,000 from his belief that the Vatican's Secretary of State will not be elected into the role.

However, most other gamblers on crypto prediction platforms walked away with massive losses, highlighting the flip side of crypto betting.

Pope Leo XIV: Ushering in a new era in faith

Meanwhile, Pope Leo XIV, 69, is being celebrated worldwide as he takes on the many challenges of leading the Catholic church, including deep divisions among the clergymen and long-running accusations of abuse.

Prevost is known for bravely challenging political and societal notions, including that time when U.S. Vice President JD Vance suggested that there is an order when it comes to love. "JD Vance is wrong: Jesus doesn't ask us to rank our love for others," Prevost wrote on X.

Pope Leo XIV's brother, John Prevost, said he was expecting his brother to look out "for the poor" and the people "who don't have a voice," given his long-time missionary work.

Originally published on IBTimes