US prediction market Kalshi to take bets on Bitcoin and Ether

The United States-based prediction market Kalshi is preparing to launch bets on the price action of major cryptocurrencies Bitcoin (BTC) and Ether (ETH).

Kalshi is launching prediction contracts for its clients enabling bets on Bitcoin and Ether price movements, according to its website.

At the time of writing, Kalshi’s “Crypto” website section enables clients to bet on at least three Bitcoin contracts, including a contract on when Bitcoin will hit $100,000.

The contract currently lists 10 available monthly markets, with the closest one betting that Bitcoin will reach the value on March 28, 2024. The latest available bet is by Dec. 31, 2024.

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

Other contracts include a prediction on how high Bitcoin will reach in 2024 and one on the daily BTC price. The annual price prediction offers five contracts from $75,000 to $150,000. The daily prediction spans 15 markets, starting from $66,750 and ending at $70,250.

Kalshi’s Ether predictions offer clients to bet only on the annual and daily price events.

While the bets are related to cryptocurrency prices, Kalshi’s platform will only accept U.S. dollars for placing the bets. As with most Kalshi’s bets, the crypto bets will mostly be “yes” or “no” across different possible scenarios.

According to industry media, Kalshi clients will be able to place the first bets on Bitcoin and Ether as early as March 18.

Founded in 2018, Kalshi is a financial exchange offering event contracts, allowing users to bet on certain events in the future, including those related to economy, politics, health, tech and science and others. The platform is regulated as a designated contract market under the Commodity Futures Trading Commission.

Bitcoin price predictions have been growing increasingly popular after the cryptocurrency posted a new all-time high above $73,000 on March 13.

Binance CEO Richard Teng predicted on March 17 that Bitcoin would continue its record-breaking rally and rise above $80,000 by the end of the year. Teng expressed confidence in the success of Bitcoin amid the optimism around the massive adoption of spot Bitcoin (BTC) exchange-traded funds in the United States. CEO Kris Marszalek predicted that the total crypto market capitalization will surge 177% to reach $7.5 trillion by 2025.

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