Kalshi, a prediction market based in the United States, is gearing up to introduce betting options on the price movements of two major cryptocurrencies, Bitcoin (BTC) and Ether (ETH).
As stated on their website, Kalshi will be offering prediction contracts to their clients, allowing them to place bets on the price fluctuations of Bitcoin and Ether. Currently, their “Crypto” section on the website features at least three Bitcoin contracts, including one that predicts when Bitcoin will reach $100,000.
The available monthly markets for Bitcoin contracts are listed on the website, with the closest one speculating that Bitcoin will hit the $100,000 mark on March 28, 2024. The furthest available bet extends to December 31, 2024.
In addition to the contract on the timing of Bitcoin reaching $100,000, there are other prediction options as well. These include betting on how high Bitcoin will climb in 2024 and predicting the daily price of BTC. The annual price predictions offer five different contracts, ranging from $75,000 to $150,000. The daily predictions span across 15 markets, starting from $66,750 and going up to $70,250.
For Ether predictions, clients can only bet on annual and daily price events.
Although the bets are related to cryptocurrency prices, Kalshi’s platform will only accept U.S. dollars as the currency for placing these bets. Similar to most of Kalshi’s bets, the crypto bets will mostly be “yes” or “no” for different possible scenarios.
According to industry reports, Kalshi clients will be able to place their first bets on the price movements of Bitcoin and Ether starting from March 18.
Cointelegraph reached out to Kalshi for a comment on the launch of these bets, but has not received a response at the time of publication.
Established in 2018, Kalshi is a financial exchange that offers event contracts, enabling users to bet on various future events, including those relating to the economy, politics, health, technology, science, and more. The platform is regulated as a designated contract market under the Commodity Futures Trading Commission.
Bitcoin price predictions have been gaining popularity, especially after the cryptocurrency reached a new all-time high of over $73,000 on March 13.
Binance CEO Richard Teng recently predicted that Bitcoin would continue its impressive rally and surpass $80,000 by the end of the year. Teng expressed confidence in the success of Bitcoin, citing the optimism surrounding the widespread adoption of spot Bitcoin exchange-traded funds in the United States.
Crypto.com CEO Kris Marszalek also made a prediction, stating that the total market capitalization of the cryptocurrency market would surge by 177% to reach $7.5 trillion by 2025.
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