The renowned TV host, Jim Cramer, has potentially indicated a victory for former US President Donald Trump in the upcoming 2024 election. This comes as a result of his examination of stock market performance on Monday, Nov 4, when he suggested that growing investor confidence pointed towards a win for Vice President Kamala Harris.
Cramer stated, “I’m not sure the market’s right about what a Harris presidency would mean for business, but at least now we have a blueprint for what Wall Street thinks it’ll mean.” His prediction came as cryptocurrency increasingly becomes a focal point in political discussion in the US.
In the world of crypto investment, Cramer’s prediction is being taken as an indicator of a Trump win. This is due to the phenomenon known as the “inverse Cramer” effect, where the opposite of Cramer’s predictions often happens. Previously, this effect inspired an exchange-traded fund (ETF) to profit from contradicting Cramer’s stock tips. Although the ETF ended after only 10 months, this highlighted that Cramer’s predictions aren’t always incorrect.
On Oct. 4, the odds were in Trump’s favor on Polymarket, seeing a significant turnaround from September. Large investors, known as whales, continually place millions on a pot for a Trump victory, as the predictions offer potential high returns. One unidentified whale went far as to deposit nearly $5 million on Polymarket to back Trump.
Another significant Trump supporter in the Polymarket, known as “zxgngl,” currently holds over $18.5 million worth of “Yes” votes for Trump. Despite suspicions, transaction patterns suggest “zxgngl” is a separate account from the other big Trump backer known as “Fredi9999”. Importantly, “zxgngl” has now surpassed the stakes of all accounts associated with “Fredi9999,” becoming the largest Trump better on Polymarket with over 29.4 million “Yes” shares.