Originally published on: October 28, 2024
Kalshi, a popular prediction marketplace gearing up for the US November elections, has announced that it will start accepting deposits in USD Coin (USDC), a stablecoin. This move comes as Kalshi aims to attract more users and compete with other political betting platforms in the market.
According to a report by Fortune magazine, cryptocurrency deposits on Kalshi will be live soon, with offramping managed by ZeroHash, a crypto payments platform. Competition in the political betting space is intensifying, with Web3 platform Polymarket currently leading the pack and Kalshi and other rivals working hard to catch up.
Kalshi made headlines on Oct. 7 when it listed event contracts for betting on US election outcomes following a significant court battle in September. This marked a historic moment as it was the first time an election prediction market had been permitted to operate in the US, paving the way for other platforms like Polymarket to join the fray.
While regulators have expressed concerns about election prediction markets like Kalshi impacting the integrity of elections, industry analysts argue that they often provide a more accurate reflection of public sentiment compared to polls. In fact, three out of four crypto owners stated that a candidate’s crypto policy will influence their vote, highlighting the growing intersection between politics and cryptocurrency.
As the November election approaches, platforms like Polymarket and Kalshi have pegged former President Trump as the favorite to win the presidency, with odds ranging from 62% to 66%. Trump’s stance on making America the “crypto capital of the world” has resonated with many Bitcoin enthusiasts, leading to a surge in support for his candidacy among the crypto community.
With Bitcoin’s performance showing a bullish trend, investors are closely monitoring the election outcome for potential market impacts. As the stakes get higher and the political landscape evolves, platforms like Kalshi aim to provide users with a unique opportunity to engage in election betting in a secure and transparent environment.
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