March 27, 2024
Bitcoin News

Kalshi Introduces Bitcoin and Ether Betting Contracts

Kalshi, a prediction market based in the United States, is preparing to launch betting options on the price fluctuations of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). According to information on its website, Kalshi will launch prediction contracts, allowing clients to speculate on the future pricing of these digital assets.

The platform’s “Crypto” section will allow bets on various aspects of Bitcoin’s price behavior. Clients can currently engage in at least three Bitcoin contracts, one of which is based on Bitcoin’s $100,000 milestone. These contracts have various timeframes, ranging from monthly to annual forecasts.

Kalshi “Crypto” section screenshot. Source: Kalshi

For instance, one available bet speculates on whether Bitcoin will attain the $100,000 mark by March 28, 2024, while others focus on the cryptocurrency’s performance throughout the year. Similarly, Ether predictions are offered, albeit limited to annual and daily price events.

Kalshi’s prediction showing when Bitcoin will hit $100,000. Source: Kalshi

Despite the nature of the bets revolving around cryptocurrency prices, Kalshi will exclusively accept U.S. dollars for placing wagers. As with most of its bets, clients will typically choose between “yes” or “no” outcomes across various scenarios. Reports suggest that clients will be able to start placing bets on Bitcoin and Ether as early as March 18.

Kalshi was founded in 2018 as a financial exchange that offers event contracts, allowing users to bet on a variety of future events in fields such as economics, politics, health, technology, and more. Kalshi, a recognized contract market regulated by the Commodity Futures Trading Commission, provides a controlled environment for speculative trading.

An example of Kalshi predicting SpaceX launch on X.

Industry Optimism

Kalshi’s decision to sell cryptocurrency price betting contracts coincides with a surge in interest in digital assets. With Bitcoin recently hitting $73,000, industry stalwarts like Binance CEO Richard Teng and Crypto.com CEO Kris Marszalek have voiced optimism, forecasting continued development and adoption in the cryptocurrency business. Teng expects Bitcoin to reach $80,000 by the end of the year, while Marszalek predicts a significant increase in the entire crypto market capitalization by 2025.

Image by wirestock on Freepik

Related posts

MicroStrategy Continues Bitcoin Buying Spree with $500 Million Offering

Robert Paul

Bitcoin Surpasses Silver: Reaches Record $1.35 Trillion Market Cap in Historic Milestone

Robert Paul

GBTC Discount Hits Lowest Since July 2021 Amid ETF Approval Optimism

Harper Hall

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More