Mysterious French crypto investor bets 28 million dollars on Trump victory

The polymarket platform (which is not accessible in the United States and several countries of the European Union) is just about the trendiest URL of the moment. You can place bets on just about anything and pay in crypto (via the Polygon blockchain).

The New York Times, Fortune, the New Yorker and CNBC have all discussed it in recent days. This is mainly because the odds that Polymarket indicates for the presidential elections are very different from the official polls that indicate that the race between Trump and Harris is still quite close.

All the MAGA idiots posting those stupid Polymarket graphs….meanwhile it’s some French guy dumping $28M to make Trump’s win percentage to go up 🤣https://t.co/aHDs4R5T25 pic.twitter.com/fg92vMQ66z

— Wu Tang is for the Children (@WUTangKids) October 24, 2024

There is also a mysterious trader who has bet $28 million in crypto on a Trump victory. According to the Democrats, this is simply a ploy by the crypto industry to get Trump elected, as his policies would be more beneficial for digital currencies.

Polymarket

The Polygon blockchain has started several projects in the past few years, but none have proven as popular as their Polymarket platform.

It is very controversial, but Polymarket has by now become one of the largest betting sites in the world. Although you are not officially allowed to access it (from the EU or the US), many still surf to the site via a VPN. You can place bets on just about anything and pay in crypto (which provides another use case for digital coins) via the Polygon blockchain.

Vitalik Buterin, the founder of Ethereum, as well as Peter Thiel, one of the main shareholders of Meta (formerly Facebook) and CEO of Palantir, own part of the rights to the Polymarket website via their investments.

Watch: Republican’s have purchased and flooded the zone with Trump-leaning junk polls, but are now also placing anonymous whale bets using crypto on Peter Theil’s Polymarket. They are Gamsestop’ing the 2024 election to create another red wave mirage. pic.twitter.com/VRJoR9Ywh1

— Chris Borkowski (@cborkowski) October 21, 2024

A crypto trader, who wishes to remain unknown, created several accounts on Polymarket in recent weeks and was able to change the chances of Donald Trump’s victory by betting large amounts in USDC (the well-known stablecoin); By now, he has already bet more than $28 million that Trump will be elected president of the United States on November 5.

American media have discovered that the man has the French nationality and is a major financial player in Paris. According to ‘Business Insider’, the trader has increased his crypto bet and the amount has now risen to $46 million.

At least it’s good news for the Polygon blockchain of course.