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HomeCryptoDonald Trump's cryptocurrency wallet increased to $13.7 million after his conviction

Donald Trump’s cryptocurrency wallet increased to $13.7 million after his conviction

Amid a judge’s full guilty verdict against former US president Donald Trump, traders on Polymarket are betting there is a 17% chance he will spend time in prison before November’s presidential election.

Trump was convicted on 34 counts, becoming the first former US president to be convicted. However, he pleaded not guilty and said he would “continue to fight to the end”.

After the verdict, the market “Trump in jail before election day?” has seen an increase in buying and selling activity and since its launch in January, the market has garnered $901,000 in bets from traders.

Source: Polymarket

The market will be settled on a “Yes” result if Trump is detained for at least 48 consecutive hours in prison from January 5 to the end of November 5 and vice versa. At the time of writing, “Yes” bets were sold at 17 cents and “No” bets were priced at 85 cents.

Reuters reported that the chances of Trump actually going to jail before the election are slim.

At Polymarket’s “2024 Presidential Election Winners,” Trump’s odds of becoming president fell 2 percentage points to 54% on Thursday while President Joe Biden’s chances increased from 38 % up to 40%.

Also following the ruling, a cryptocurrency wallet identified as belonging to Donald Trump received nearly $500,000 in new deposits in various tokens, including Ethereum.

According to analytics platform Arkham Intelligence, the former president currently holds more than $13.7 million in cryptocurrency.

Source: Arkham Intelligence

The largest number of tokens he holds is memecoin TRUMP.

The judge’s latest ruling has galvanized supporters, who see the trial as political persecution aimed at weakening Trump’s chances of defeating President Joe Biden.

Trump reinforced his support for cryptocurrency earlier this month and said that his campaign would accept cryptocurrency donations.

Itadori

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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