Well now, gather ’round, folks! It seems our dear friends at Kalshi have decided to dip their toes into the murky waters of Bitcoin (BTC) deposits, all in a grand effort to charm those crypto-loving souls. 🤑
This here marketplace, where one can wager on everything from the fate of elections to the fickle whims of Rotten Tomatoes, has seen a veritable flood of interest from crypto traders, as they told the good folks at CryptoMoon on this fine April 9th. Why, they’ve racked up a staggering $143 million in trading volume for betting on Bitcoin’s price changes, hour by hour! Talk about a wild west of finance! 🤠
Kalshi, bless its heart, is a derivatives exchange that’s got the stamp of approval from the US Commodity Futures Trading Commission (CFTC). As of this very day, they’ve got around 50 crypto-related event contracts on the books, including bets on the highs and lows of coins in 2025 and even on President Trump’s fanciful National Bitcoin Reserve proposal. Can you believe it? 😆
Now, let’s not forget that this platform started accepting crypto payments back in October, when they rolled out the welcome mat for stablecoin USD Coin (USDC) deposits. A fine way to keep the cash flowing, if you ask me! 💵
Kalshi has teamed up with ZeroHash, a provider of crypto payment infrastructure, to help them off-ramp BTC and USDC and turn those shiny coins into good old-fashioned US dollars. But mind you, they only accept BTC deposits from the Bitcoin network. No funny business here! 😏
More accurate than polls
Since its launch in 2021, Kalshi has made quite the name for itself, especially as the US elections approached like a freight train. 🚂 It became the go-to spot for trading on 2024 political events after winning a tussle with the CFTC, which tried to put the kibosh on their election contracts.
The regulators claimed that these political prediction markets could jeopardize the integrity of elections, but let me tell you, analysts argue they often capture the public’s mood better than those fancy polls. Why, they even predicted Trump’s win when the polls were all in a tizzy! 🎩
“Event contract markets are a valuable public good for which there is no evidence of significant manipulation or widespread use for any nefarious purposes that the Commission alleges,” said Harry Crane, a statistics professor at Rutgers University, in a letter to the CFTC. Sounds like a fair point to me! 📜
As of this very day, Kalshi traders reckon there’s a 68% chance the US is heading for a recession. Hold onto your hats, folks! 🎩
In March, Kalshi joined forces with Robinhood to bring prediction markets to the masses on that popular online brokerage platform. And wouldn’t you know it, Robinhood’s stock jumped about 8% on the news! 📈
Kalshi finds itself in a bit of a tussle with Polymarket, a Web3-based prediction platform that’s been raking in over $3 billion in trading volumes tied to the US presidential election, even though it’s off-limits for US traders. Ain’t that a pickle? 🥒
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2025-04-09 20:42