High-Stakes Bitcoin Bets Lead to Massive Losses
Bitcoin gamblers betting on the cryptocurrency’s rise to $100,000 in November suffered some major losses on the prediction platform Polymarket.
Bitcoin’s $100K miss costs Polymarket gamblers.
LISTEN TO THIS ARTICLE:The digital asset reached an all-time high of $99,655 on November 22, which created a sense of optimism amongst traders, and according to a Polymarket poll, there was a 91% chance of the cryptocurrency breaking the $100,000 barrier. However, Bitcoin’s value soon began to fall, and it hit a low of $90,800 on Nov. 27 before closing the month near $98,000.
This volatility hit traders hard. One trader, known as TomApproves, placed a $114,000 bet on Bitcoin surpassing $100,000. Another anonymous gambler lost almost $56,000 on the same wager as the cryptocurrency pulled back below the target. Polymarket reported a total trading volume of $28.5 million for the prediction.
Will Bitcoin Reach $100K Before 2025?
Despite these losses, Bitcoin gambling is continuing on Polymarket. A poll suggests a 40% probability of Bitcoin returning to the $90,000 level, while others predict it could still reach $100,000 before 2025.
In another Polymarket poll with nearly $14 million in trading volume, the likelihood of Bitcoin breaching $100,000 within the month has risen from 19% to 71% over the last 30 days.
As of early Monday, Bitcoin peaked at $98,150 before falling to around $95,200 at the time of writing. Trading activity also spiked, with daily volume up 32% to $42.4 billion.
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What Will Happen in 2025?
Robert Kiyosaki, author of Rich Dad Poor Dad and a long-time Bitcoin advocate, has said that he expects the cryptocurrency to drop to $60,000 before climbing to $100,000. When that happens, he says it will be the perfect time to invest in more Bitcoin.
Furthermore, Kiyosaki is very optimistic about Bitcoin’s long-term potential and believes it could reach $250,000 next year.
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