It’s probably not lost on anyone that Donald Trump has secured his place in the White House – and that’s made for a field day for crypto investors. Bitcoin (BTC) has reached a new record level, and many other coins also rose sharply.
But the crypto gamblers who have bet on a Republican victory are particularly happy. One of them, known as ‘Theo4’, even earned $20 million for his bold prediction.
3 Crypto Whales Earn Nearly $50 Million
Blockchain-based Polymarket has gained significant popularity as a prediction platform during the American presidential election and is often featured in the Bitcoin news mentioned. On Polymarket, users can buy crypto stocks that represent a specific election result. The price of these stocks indicates the likelihood the market believes the outcome will occur. Once the event is complete, shares will be worth either $1 or zero, depending on the outcome.
Last year, most Polymarket users bet on yesterday’s elections, and a total of over $3.6 billion in stocks were traded.
Anyone who bought stocks on a Trump victory was able to secure a nice profit. The price of the token has fluctuated between $0.45 and $0.70 over the past few months and is now valued at $1.
Interestingly, many of these stocks are owned by a few large whales. Lookon chain noted this morning on This is followed by ‘Fredi9999’ and ‘zxgng’ with winnings of $15.6 million and $11 million respectively.
Polymarket emerges as the winner
Before incumbent President Joe Biden left the race, it seemed almost certain that Trump would return to the White House. But when Kamala Harris took over in the summer, the outcome became uncertain again.
Harris was often the slight favorite on Polymarket in August and September, but Trump caught up after that. Last week, the probability of a Trump victory was 67 percent. At the same time, traditional polls continued to see a neck-and-neck race, with Harris often taking the lead.
Polymarket has thus successfully established itself as an alternative to traditional surveys. One advantage is that it is considered more reliable through real investments, but there is also the risk of a few big whales influencing the market.
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