Investors are betting millions on Bitcoin's price, with prediction markets showing significant wagers on the cryptocurrency's future after it hit a record high of $109,000 on Wednesday.
High Hopes for Bitcoin's Near-Term Surge
On Polymarket, a contract with a $19 million trading volume indicates a 93% chance Bitcoin will reach $110,000 by the end of May. The odds for it climbing to $115,000 and $125,000 are 49% and 8% respectively. However, the likelihood of Bitcoin hitting $150,000 or $200,000 remains slim, at approximately 1%. Similarly, crypto-native trading platform Myriad Markets puts the chance of Bitcoin exceeding $115,000 by May 25 at 21.4%.
Long-Term Optimism and Political Buzz
US-based Kalshi users have poured about $3.5 million into a contract predicting Bitcoin's year-end price. This betting pool suggests a more than 70% chance Bitcoin will reach $125,000 by the end of 2025. The odds for it rising above $150,000 or $160,000 are lower, at 37% and 31% respectively.
These widespread wagers coincide with Bitcoin's price surge ahead of a dinner hosted by Donald Trump for investors in his Official Trump meme coin. The event, scheduled for Thursday, is expected to draw over 200 $TRUMP holders who reportedly spent between $53,400 and $16.4 million for their attendance. Notable attendees include Chinese billionaire Justin Sun, who claims to be the largest holder of the token, and foreign investors from countries like Australia and Singapore. While other invitees remain undisclosed, many are believed to be foreign nationals, a point of contention for critics of the event.
