USDC & Trump is again in the news. Within the cryptocurrency market, a trader under the username “BetTom42” has invested $3.4M worth of USD Coin (USDC) in the last 3 days, predicting the victory of former President Donald Trump in the 2024 US Presidential election. Such high-value fund movement from popular trading platforms like Kraken and Binance to a Polymarket wallet indicates high confidence in Trump’s political future.
Whale”BetTom42″ withdrew another 2.4M $USDC from #Kraken today to bet on #Trump winning the US election.
This whale has spent 3.4M $USDC betting on #Trump winning the US election in the past 3 days.https://t.co/4ownXPfV2D pic.twitter.com/ECvK0V76hG
— Lookonchain (@lookonchain) October 31, 2024
Details of the Betting Activity
Block monitoring and analytical data from Lookonchain state that “BetTom42” sent 1 million USDC three days ago via Binance and made 2.4 million USDC transactions through Kraken within a day. These funds were channelled to Polymarket, a prediction market operating on a decentralized blockchain system where users can bet on political or economic events.
Market Reaction and Position Analysis
The data from Polymarket also reflects that the user with the handle “BetTom42” claims to have around $3,140,529 position value on Trump that he will win the presidency in 2024. These markets focus on predicting the likelihood of Trump becoming the president, winning the popular vote and the Republican party’s performance in the 2024 election. However, based on the market values of their positions, “BetTom42” seems to have lost around $157,573 in Trump’s campaign, regardless of the confidence the campaign may have.
This high-stakes bet illustrates cryptocurrencies’ role in political dynamics and risky gambling. Such predictions in Polymarket’s platform can influence market sentiments and given that the number of “BetTom42” trades may influence other investors to trade under its influence, thereby influencing prediction markets and online betting.
Speculation and Risks
Though betting on electoral events is not something new from “BetTom42,” the size of the bet attracted attention. Considering the high fluctuations of the cryptocurrency market and the prognosis of the political situation, this action demonstrates the connection between finance and politics. People will wait to see whether or not the person with the moniker “BetTom42” raises their bet as the election draws nearer.
The crypto and politics circles have shown interest in this unusual case, waiting to see whether this enormous investment will succeed or be an exclusive, risky venture.
