Crypto Whale Stakes $30M on Presidential Election Outcome
A bold financial gambler has placed a staggering $30 million worth of bets on various aspects of the upcoming U.S. presidential election through prediction market platform Polymarket, potentially setting himself up for an $80 million payday.
The investor, identified only as "Theo" in a recent Wall Street Journal report, emphasized that his substantial wagers are purely financial plays rather than political statements. A French national with extensive financial market experience, Theo bases his betting strategy on historical polling patterns, particularly noting how traditional polls underestimated Donald Trump's performance in both the 2016 and 2020 elections.
"My intent is to make money," Theo stated plainly in a Zoom interview with WSJ. "I have absolutely no political agenda." His bets span multiple election outcomes, including Trump's potential victory in the presidential race, success in the popular vote, and wins in crucial swing states such as Pennsylvania, Wisconsin and Michigan.
The high-stakes gambler has reportedly wagered most of his liquid assets on these bets, though the Wall Street Journal couldn't verify whether he was betting with personal funds. If his predictions prove correct across the board, Theo stands to nearly triple his investment, with potential winnings of $80 million. However, an unfavorable outcome could result in a complete loss of his $30 million stake.
During his interview, Theo criticized certain media outlets' election coverage, suggesting they might be understating the potential margin of victory to maintain audience engagement.