High-Stakes Bets: Crypto Whale Bets Millions on Trump’s Election Victory

Trump is in the news again as a cryptocurrency investor named “zxgn6l” has recently gained much attention in the crypto community after high stakes in the 2024 US Presidential Election. This “whale” withdrew another 2.36 million USDC from Binance within the past hour, moving the total withdrawal from October 11 to $14.2 million USDC, as per Lookonchain. These funds seem tied to a speculative plan, as zxgn6l stacked on Donald Trump’s chance to win the election.

Whale “zxgngl” withdrew another 2.36M $USDC from #Binance in the past hour to bet on #Trump winning the #USelection, despite already incurring a loss of $1.23M from previous bets on #Trump.

Since Oct 11, “zxgngl” has withdrawn a total of 14.2M $USDC from #Binance to bet on… pic.twitter.com/IOooFWb62r

— Lookonchain (@lookonchain) November 4, 2024

Mounting Losses Amidst Increasing Bets

However, zxgn6l has suffered a significant loss, even considering this highly bullish outlook. Lookonchain data reveals that the user has lost $1.23 million up to this date from previous Trump bets. Nevertheless, these losses are not stopping the whale from fully backing the former president’s odds.

Now, zxgn6l on Polymarket has more than $12,982,788.23 in total positions’ value, with the traded volume exceeding $22,917,535.23. It remains to seek and acquire shares in pro-Trump markets and recently bought in new positions of more than $80,000.

Polymarket: A New Frontier for Political Speculation

Polymarket is a decentralized platform for creating prediction markets that have become the center of attention of political and event-based betting in recent years. It enables users to invest in “yes” or “no” shares on various events like an election. According to zxgn6l’s account data, the investor has recently invested in shares for the Polymarket market titled “Will Donald Trump win the 2024 US Presidential Election?” Due to increased trading activity in recent weeks, the whale has brought renewed attention to using crypto-based prediction markets in critical events.

Broader Implications for Crypto and Politics

Such high-risk betting in political campaigns provokes new and interesting questions about the role of cryptocurrencies in politics. While this is true, decentralized platforms like Polymarket still maintain anonymity and have accessibility from anywhere, yet the transactions made in the blockchains can easily track major players. The result of bets made by zxgn6l will not only affect the list of their investment portfolio, but it might even act as a precedent to show how crypto gambling positively correlates with future political results.

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