Unlucky gamblers lost big on the $100k Bitcoin bet
Traders who were betting on Bitcoin’s surge to the $100,000 mark faced significant losses on the market prediction platform Polymarket. Bitcoin (BTC) reached an all-time high of $99,655 on November 22, raising hopes of breaking the $100,000 barrier to 91%, according to a poll on Polymarket. However, the flagship cryptocurrency soon faced a correction and dropped to a local low of $90,800 on November 27, closing the month near the $98,000 mark.
One trader, known as TomApproves on Polymarket, placed a $114,000 bet on Bitcoin reaching $100,000 in November, only to face losses as the digital gold retraced. Another anonymous gambler lost almost $56,000 on the same bet. The total trading volume of the poll reached $28.5 million, according to data from Polymarket.
Despite the recent setbacks, data from the market predictions platform shows that traders still hold hope for Bitcoin to reach $100,000 before the end of 2024. A poll on Polymarket indicates a 40% chance of BTC falling to the $90,000 zone again, while another poll with nearly $14 million in trading volume shows that the odds of Bitcoin breaching $100,000 this month have increased from 19% to 71% over the last 30 days.
As of the latest update, Bitcoin surged to $98,150 early Monday and is currently trading at $96,700. Its daily trading volume has increased by 32%, reaching $42.4 billion. Robert Kiyosaki, the author of “Rich Dad Poor Dad” and a long-time Bitcoin supporter, predicts that Bitcoin’s price could drop to $60,000 before hitting the $100,000 mark. He stated, “If and when that happens I will not sell. BTC will be having a sale. I will buy more.” Kiyosaki believes that Bitcoin could potentially settle around $250,000 in 2025.
In conclusion, the recent fluctuations in Bitcoin’s price have led to significant losses for some gamblers on Polymarket, but the overall sentiment remains optimistic for Bitcoin’s potential to reach $100,000 in the near future. Traders and investors continue to closely monitor the market and adjust their strategies accordingly.