US-Based Prediction Market Kalshi To Launch Bets on Bitcoin, Ether Price Movements
Summary:
Kalshi, a US-based prediction market, is set to offer betting on the price movements of Bitcoin and Ether via prediction contracts. The platform allows clients to engage in various bets such as when Bitcoin will hit $100,000 or how high Bitcoin will reach in 2024. The platform only accepts U.S. dollars for placing bets, which are generally "yes" or "no" across different scenarios. Clients will be able to place the first bets on these crypto price movements as early as March 18. Despite the betting’s cryptocurrency theme, the transactions occur in traditional currency, conforming to Kalshi's regulation under the Commodity Futures Trading Commission.
Kalshi, a prediction market based in the United States, is getting ready to offer betting on the price movements of significant cryptocurrencies, Bitcoin (BTC) and Ether (ETH). As stated on their website, Kalshi is introducing prediction contracts that will permit clients to place wagers on the upward or downward trajectory of Bitcoin and Ether prices. At the moment, Kalshi’s “Crypto” section allows clients to put down bets on a minimum of three Bitcoin contracts, one of which speculates on the timeline for Bitcoin to reach a price tag of $100,000. Currently, ten monthly markets are listed for this contract, with the nearest one predicated on the belief that Bitcoin will hit the $100,000 mark by March 28, 2024. The last offered bet is set for December 31, 2024.
Other contract options involve prognostications on the highest value Bitcoin will attain in 2024 and a daily BTC price projection. The annual price forecast contains five contracts that range from $75,000 to $150,000, while the daily prediction encompasses 15 markets, starting from $66,750 and concluding at $70,250. Kalshi’s Ether predictions limit clients to only betting on annual and daily price events. Even though the bets concern cryptocurrency prices, all bets placed on Kalshi’s platform must be made in U.S. dollars. Much like most of Kalshi’s wagers, the bets involving cryptocurrencies will be “yes” or “no” across various potential scenarios. Industry sources have reported that Kalshi clients will have the opportunity to place their inaugural bets on Bitcoin and Ether as soon as March 18.
Despite being sought for comment regarding the initiation of betting on Bitcoin and Ether price fluctuations, Kalshi has yet to respond. Established in 2018, Kalshi is a financial exchange that provides event contracts, granting users the ability to place bets on prospective occurrences across a variety of sectors including the economy, politics, healthcare, technology, and science, among others. Kalshi operates as a designated contract market under the jurisdiction of the Commodity Futures Trading Commission.
Predictions about Bitcoin price have become more prevalent following the cryptocurrency reaching a record-breaking high exceeding $73,000 on March 13. Richard Teng, CEO of Binance, asserted on March 17 his belief that Bitcoin is set to maintain its impressive rally and will surpass $80,000 by the close of the year. Teng is bullish about Bitcoin's triumphant trajectory, driven by a groundswell of adoption of Bitcoin spot exchange-traded funds in the United States. Similarly, Kris Marszalek, CEO of Crypto.com, anticipates that total crypto market capitalization will skyrocket to $7.5 trillion by 2025, representing a 177% surge.
Published At
3/18/2024 2:45:00 PM
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