Polymarket whales profit millions as Trump wins presidency
Major investors who wager massively on Donald Trump's victory in the 2024 presidential election, known as "crypto whales," have profited millions on Polymarket, a decentralized prediction market.
Five mysterious whales controlled more than half of Donald Trump's "Yes" votes on Polymarket as of Nov. 4, one day before the election. In an Oct. 31 X post, pseudonymous political bettorDomer stated that this could lead to a payout for the whales of over $81 million.
Top Polymarket whale nets millions on the political gambling platform
According to data published by Lookonchain on November 6, "Theo4", the largest Trump-betting account on Polymarket, made over $20.4 million from his pro-Trump wagers.
Congratulations to @realDonaldTrump!
— Lookonchain (@lookonchain) November 6, 2024
And congratulations to the whales who bet on #Trump!
"Theo4" makes a profit of $20.4M!
"Fredi9999" makes a profit of $15.6M!
"zxgngl" makes a profit of $11M!https://t.co/qZJOfUapGv pic.twitter.com/IDcENABNHD
In an X post today, Lookonchain reported that a third whale, “zxgngl,” made over $11 million, while another unidentified whale, “Fredi9999,” made over $15.6 million. A total of $70.6 million USD Coin (USDC) was spent by 10 whale addresses in October to wager on Trump's victory in the 2024 US election.
According to billionaire Elon Musk, investors are voting with their savings, so decentralized prediction markets such as Polymarket might provide more accurate forecasts than traditional polling systems.
As of late August, Polymarket's August trading volume was close to $450 million, with almost $760 million invested in the outcome of the U.S. presidential election, according to Dune Analytics.
Donald Trump declared winner
At 10:46 a.m. UTC on November 6, the Associated Press announced that Trump had won the 2024 presidential election.
According to the Associated Press, Trump had 277 electoral college votes at the time of writing, which is more than the 270 needed to win. Vice President Kamala Harris, his Democratic opponent, had 224 electoral votes but no realistic chance of winning.
The cryptocurrency community celebrates Trump's win
As officials finalize the results of the 2024 U.S. presidential election, the cryptocurrency community is celebrating the victory of former President Donald Trump. On election night, November 6, Trump, the Republican candidate, announced his victory and promised to bring about a "golden age" for the United States.
Given that Trump has consistently endorsed cryptocurrencies and positioned himself as a pro-crypto candidate, his victory may be encouraging for the US cryptocurrency market. This is one of the major reasons the crypto community celebrates Trump’s election victory. Trump has received more support from the crypto community than Harris.
Trump has stated time and time again that if elected, he will put an end to the war on cryptocurrency and turn the US into the "crypto capital of the planet."
Additionally, Trump pledged to establish a strategic Bitcoin reserve in the US to ensure that the government of the United States has 200,000 Bitcoin obtained through enforcement actions. Trump made significant pledges to US cryptocurrency miners in keeping with his pro-Bitcoin views, emphasizing his commitment to the industry and his desire to establish the US as a global leader in Bitcoin mining.
According to Anastasija Plotnikova, CEO and co-founder of Fideum, a regulatory and blockchain infrastructure company specializing in institutions, more than 240 pro-crypto candidates were elected to the US Senate and House of Representatives, marking a "historic achievement" for clear crypto regulations.
Regulations that encourage innovation may result from a Republican-led Senate and a pro-crypto presidential administration. As Europe gets closer to enacting its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024, this could help the US regain its position as a global leader.
Bitcoin whales hoard $132 million in anticipation of a Trump victory
It seems that new Bitcoin "whales," or investors with sizeable holdings, are hoarding the cryptocurrency in the hopes that former President Donald Trump will win the 2024 election. Whales have created 11 new cryptocurrency wallets and taken out more than 1,806 Bitcoin, worth more than $132 million.
In an X post on Nov. 6, the crypto intelligence platform Lookonchain noted the withdrawals from Binance, the largest centralized exchange (CEX) in the world.
Trump won the election, according to a number of sources, after recapturing vital swing states that he had lost in 2020, including Georgia, North Carolina, and Pennsylvania. Bitcoin reached an all-time high of over $75,000 on November 6, demonstrating the improving sentiment among investors. Bitcoin is trading at $74,377.97, marking a 6.72% increase over the past 24 hours, according to CoinMarketCap.
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