Unlucky punters lose big $100,000 Bitcoin bets
Date: 2024-12-02 Author: Henry Casey Categories: CRYPTO PAYMENTS
Bitcoin hit a record high of $99,655 on November 22, increasing the probability of breaking the important psychological barrier to 91%, according to a poll on Polymarket. However, after a rapid rise, the cryptocurrency began to correct and fell to a local low of $90,800 by November 27. Bitcoin ended the month around $98,000.
These fluctuations led to significant losses for traders. A user under the pseudonym TomApproves bet $114,000 that Bitcoin would break $100,000 by the end of November, but lost his money. Another anonymous participant lost almost $56,000 on a similar bet when the “digital gold” failed to live up to expectations. In total, the survey’s trading volume was $28.5 million, according to Polymarket.
Despite the recent losses, market participants remain optimistic about Bitcoin’s prospects. According to Polymarket, the odds of Bitcoin reaching $100,000 by 2025 are estimated at 40%. Meanwhile, another survey with nearly $14 million in trading volume showed that the probability of Bitcoin breaking $100,000 in December has increased from 19% to 71% over the past 30 days.
At the time of writing, Bitcoin is trading at $96,700 after rising to $98,150 this morning. Daily trading volume has increased 32% to $42.4 billion.
Rich Dad Poor Dad author and cryptocurrency advocate Robert Kiyosaki has predicted that Bitcoin could fall to $60,000 before reaching $100,000. However, he sees this as a buying opportunity: “If that happens, I won’t sell my holdings. For me, it will be a sell-off, and I will buy more Bitcoin,” Kiyosaki said.
Longer term, Kiyosaki suggests that Bitcoin could “settle” at $250,000 by 2025, underscoring his confidence in the cryptocurrency’s future growth.
