{"id":21359,"date":"2025-04-09T17:46:44","date_gmt":"2025-04-09T17:46:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=21359"},"modified":"2025-04-09T17:46:44","modified_gmt":"2025-04-09T17:46:44","slug":"kalshi-accepts-bitcoin-deposits-in-bid-to-woo-crypto-native-users","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=21359","title":{"rendered":"Kalshi accepts Bitcoin deposits in bid to woo crypto-native users"},"content":{"rendered":"
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\"Kalshi<\/p>\n

Prediction marketplace Kalshi has started taking Bitcoin (BTC<\/a>) deposits in a bid to onboard more crypto-native users.<\/p>\n

The company that lets users bet on events ranging from election outcomes to Rotten Tomatoes film ratings has seen a strong uptake among crypto traders, Kalshi told Cointelegraph on April 9. For instance, event contracts for betting on Bitcoin\u2019s hour-by-hour price changes have seen $143 million in trading volume to date, a spokesperson said.<\/p>\n

Kalshi is a derivatives exchange regulated by the US Commodity Futures Trading Commission (CFTC). As of April 9, it listed some 50 crypto-related event contracts, including markets for betting on coins\u2019 2025 highs and lows, as well as on headlines such as US President Donald Trump\u2019s proposed National Bitcoin Reserve.\u00a0<\/p>\n

\"Kalshi
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Kalshi has doubled down on crypto event contract markets. Source: <\/em>Kalshi<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

The platform started accepting crypto payments in October when it enabled stablecoin USD Coin<\/a> (USDC<\/a>) deposits.\u00a0<\/p>\n

Kalshi relies on ZeroHash \u2014 a crypto payments infrastructure provider \u2014 for off-ramping BTC and USDC and converting the deposits to US dollars. The exchange accepts BTC deposits only from the Bitcoin network.<\/p>\n

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\"Kalshi
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Most Kalshi traders no longer expect core tokens to earn positive returns this year. Source: <\/em>Kalshi<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Kalshi traders place the odds of US recession in 2025 at over 61%<\/strong><\/em><\/a><\/p>\n

More accurate than polls<\/h2>\n

Launched in 2021, Kalshi rose to prominence ahead of the US\u2019s November elections<\/a>.\u00a0<\/p>\n

It became a top venue for trading on 2024 political events after winning a lawsuit against the CFTC, which tried to block Kalshi from listing contracts tied to elections.\u00a0<\/p>\n

The regulator argued that political prediction markets threaten the integrity of elections, but industry analysts say they often capture public sentiment more accurately than polls<\/a>.\u00a0<\/p>\n

For instance, prediction markets, including Kalshi, accurately predicted Trump\u2019s presidential election win even as polls indicated a tossup.<\/p>\n

\u201cEvent 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,\u201d Harry Crane, a statistics professor at Rutgers University, said in an August comment letter filed with the CFTC.<\/p>\n

As of April 9, Kalshi traders peg the odds of the US entering a recession<\/a> at 68%, according to its website. <\/p>\n

In March, Kalshi partnered with Robinhood to bring prediction markets to the popular online brokerage platform. Robinhood\u2019s stock rose some 8% on the news<\/a>.\u00a0<\/p>\n

Kalshi competes with Polymarket, a Web3-based prediction platform.\u00a0Polymarket processed more than $3 billion in trading volumes<\/a> tied to the US presidential election despite being off-limits for US traders.<\/p>\n

Magazine:\u00a0<\/strong><\/em>Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler\u2019s Digest, March 30 \u2013 April 5<\/strong><\/em><\/a><\/p>\n