A few gamblers lost a significant amount of money after betting that Bitcoin’s price would hit $100,000 by November.
Event contract platforms like Kalshi and Polymarket saw a surge in bets on the recent US presidential elections. While bookies outperformed polls in forecasting Donald Trump’s victory, many bettors earned big on the election.
Bitcoin’s price could not break the $100,000 barrier in November.
Aside from betting on elections and other important political events, contract platforms include other sorts of bets, such as those involving prominent individuals, music bands, and other real-life events. Polymarket offers a variety of marketplaces for anticipated Bitcoin price volatility. Despite an early increase in the price of Bitcoin following Trump’s victory in the presidential election, the popular cryptocurrency failed to cross the $100,000 barrier.
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Unfortunately, for at least one bettor, this resulted in a significant loss. As reported by crypto.news, a gambler known as TomApproves risked $114,000 on Bitcoin to reach $100,000 in November. After the price of the popular currency reached an all-time high of $99,655 on November 22, the aim of exceeding $100,000 appeared more realistic than ever.
However, throughout the next week, the price of Bitcoin fell, reaching $90,800 on November 29. At the conclusion of the month, Bitcoin’s price recovered somewhat to around $98,000, but it was still insufficient to assist the bettor win their wager.
Aside from TomApproves’ $114,000 loss on the Bitcoin wager, another Polymarket user made a large gamble with a similar prognosis. The second user spent approximately $56,000 for Bitcoin to break the $100,000 mark in November, but, like the first bettor, lost the bet.
More Bitcoin Markets are Available.
The market on whether Bitcoin would hit $100,000 in November generated $28.5 million. While two gamblers lost large sums of money, others may have profited from Bitcoin’s volatile price, which fell short of predictions in November.
Further prediction markets on Polymarket query if Bitcoin will be able to surpass $100,000 by the end of 2024 or fall back to $90,000. So far, the aforementioned market has generated $1.7 million in wagers. While the chances of Bitcoin reaching $100,000 were about 70% a day ago, they are now at 54% as of this writing.
Polymarket and other similar services allow users to wager on real-life occurrences. While the activity might be referred to as betting, such sites really provide event trading contracts.
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