The bets on a Republican victory have been rising on the online application Polymarket. In what comes as a surprising move, a person has bet $15 million on a Donald Trump victory. He would make a profit of $9 million if Trump wins
The US election is taking place on Tuesday, November 5, 2024. On Tuesday, results are anticipated to be released soon after the first polls close at 6 pm.
Trump’s Previous Polymarket Bets
These bets on Trump’s glorious victory are actually not new. Instead, the market has been betting high on Trump’s win for a long time now.
Previously, nearly 60% of supporters had voted for Donald Trump, according to wagers placed on the speculation app Polymarket.
This sustained support was significantly greater than Donald Trump’s prior support of over 51%, whereas Kamala Harris’s support dropped from 48% to 40%.
Crypto Voters Look Towards Trump’s Campaigns
One out of five Americans currently own digital assets. Specifically, 52 million people. These people often live in key swing states and have significant influence.
In order to significantly influence the result of the US presidential election, the world of crypto currencies is heavily involved, looking for better policies and acceptance. With that in mind, any government hoping to win an election would likely have to win over Bitcoin fans.
Donald Trump has placed himself as a pro-crypto candidate, making many view him as a candidate favorable for the growth of crypto market in the US.
The fact that a significant number of cryptocurrency enthusiasts seem to be rooting for Donald Trump in the hopes of increasing Bitcoin adoption and a market recovery is an intriguing observation.
Recently, Donald Trump proposed a bold plan to lower the country’s soaring debt of $35 trillion using cryptocurrencies. Additionally, Trump has also promised to replace the SEC Chair Gary Gensler should he get re-elected.
Gensler and the crypto world have long love-hate relationship, given that the SEC has been quite avereted towards acceptance of digital assets. Additionally, Trump in his speeches has time and again mentioned the goal of making the US a crypto hub.
The plan reflects Trump’s renewed interest in digital assets and his belief that the United States must innovate in the cryptocurrency market to remain competitive.
Additionally, Trump’s announcement that, should he be elected again, he would guarantee the government never sold its Bitcoin assets presented the Bitcoin industry with a chance to expand even further. The golden rule—never sell your Bitcoin—has been broken by the US government for far too long, according to Donald Trump. Trump had gone on to say that he wanted Bitcoin to be developed, mined, and produced in the US.