Kalshi to Offer Betting on Bitcoin and Ether in US

Kalshi, a prediction market based in the United States, is getting ready to introduce bets on the price movements of major cryptocurrencies Bitcoin and Ether. Through its website, Kalshi will offer prediction contracts to its clients, allowing them to bet on the price action of Bitcoin and Ether. The platform currently features three Bitcoin contracts, one of which is a bet on when Bitcoin will reach $100,000. The contracts have different timeframes, ranging from monthly to annual predictions.

The Bitcoin contracts on Kalshi’s platform span various scenarios, such as predicting the highest price of Bitcoin in 2024 and the daily price of BTC. There are also five annual price prediction contracts, with values ranging from $75,000 to $150,000. The daily prediction contracts cover a range from $66,750 to $70,250. As for Ether, clients can only place bets on annual and daily price events.

While the bets are related to cryptocurrencies, Kalshi only accepts U.S. dollars as the currency for placing bets. Most of the bets on Kalshi are binary, where clients can choose between “yes” or “no” options based on different possible outcomes.

The launch of bets on Bitcoin and Ether price movements is expected to take place on March 18. Kalshi has not yet responded to inquiries regarding the launch. Kalshi, founded in 2018, is a regulated financial exchange that offers event contracts for users to bet on future events in various domains, including economy, politics, health, technology, and science.

Bitcoin price predictions have gained popularity recently, especially after the cryptocurrency reached a new all-time high above $73,000 on March 13. Binance CEO Richard Teng has predicted that Bitcoin will continue its upward trend and surpass $80,000 by the end of this year. Teng’s confidence stems from the anticipation of widespread adoption of spot Bitcoin exchange-traded funds in the United States. Crypto.com CEO Kris Marszalek also expects significant growth in the crypto market, projecting a 177% increase in total market capitalization to $7.5 trillion by 2025.