On April 23, prediction market platforms experienced a significant increase in trading volume amid uncertainty surrounding U.S. President Donald Trump's policy on the Iran conflict, according to BlockBeats. Data from Dune indicates that between April 5 and April 8, the day after Trump announced a ceasefire, Polymarket recorded 413 million trades related to the Iran war, with transactions exceeding $100 million.
The report highlights that on April 8, Polymarket saw nearly 100,000 trades concerning the possibility of Trump deploying troops to Iran, marking the highest single-day trading volume of the year at that time. Following Trump's April 5 post on Truth Social demanding Iran to "open the damn strait," trading on whether an invasion was imminent surged. On April 7, after Trump hinted at "the demise of an entire civilization tonight," the topic shifted to whether a ceasefire would occur, becoming the most traded event.
Dune's report describes Trump as an "unpredictable machine," noting how his social media-driven governance style has fueled trading activity. Prediction markets have faced bipartisan criticism for allegedly promoting insider trading, yet Trump appears supportive, adopting a relaxed regulatory approach and aiding the industry's expansion. Reports indicate Trump's eldest son, Donald Trump Jr., holds shares in Polymarket and serves as an advisor to Kalshi. Polymarket's valuation has reached $9.6 billion, nearly tenfold growth since the latest investment round by Trump Jr.'s venture capital fund eight months ago. The Trump Organization is reportedly developing its own prediction market platform, Truth Predict.
Andrew Surabian, a spokesperson for Trump Jr., responded to related concerns, stating, "Don's involvement as an investor or advisor in any company does not engage with the federal government and has no influence or participation in government policy regarding prediction markets." Polymarket has not commented on media inquiries. Additionally, the probability of Trump facing impeachment before the end of his term on Polymarket has risen from 13% at the beginning of the year to 66% as of Tuesday.