Polymarket, the cryptocurrency prediction market, is currently seeing a massive increase in bets on whether Bitcoin will hit $100,000.
The cryptocurrency is amid a surge, growing to $89,000 on the morning of November 12. It has begun to slump back down to the $87,000 mark. Part of this has been attributed to incoming President Trump, who is seemingly backing Bitcoin.
As of right now, $13.3 million has been bet on Bitcoin’s price in November, with one of the bets estimating that it will land at $105,000. Polymarket – at the time of writing – has valued a “yes” bet at 32¢, while a “no” at 71¢. The site is predicting a 31% chance of this happening, with a 90% odds of it hitting $90,000.
Originally, the bets on it hitting over $100,000 shot up to 53%, with the Polymarket X account promoting this as it came through.
Odds Bitcoin hits $100k this year just shot up to 53%. pic.twitter.com/rPKVBCI8mg
— Polymarket (@Polymarket) November 11, 2024
It appears that most of the site’s users are in agreement with the safer option. The $90,000 bet (with a 90¢ on yes, and 11¢ on no) has a $3,687,402 volume. The $105K is currently set at $738,128.
Commenters underneath the bet are fervent, as the prices of BTC dramatically increase. After hitting $81,000 last week, it has continued to shoot up, nearly scraping $90,000.
One user is claiming they can “finally afford to go skiing with my family”. Of course, others are arguing over whether or not it will hit that coveted $90,000.
What is Polymarket?
Polymarket is a decentralized gambling – or prediction market – website. It uses cryptocurrency, rather than “real” money (or fiat currency, Latin for “let it be done”). A huge amount of topics can be bet on, with the current popular topics being Bitcoin’s value and the US elections.
Over $3.3 billion has been bet on the 2024 election between Donald Trump and Kamala Harris.
Outside of Bitcoin and politics, bets on the site include who will be the Super Bowl Champion, with an enormous $729.4 million behind it.
The bets aren’t final either. Much like the cryptocurrency it runs on, any user can trade their bet with another if they’re not feeling it.
Polymarket has been at the center of multiple scandals, including a 2022 fine of $1.4 million and cease & desist surrounding regulation violations.
