Unlucky Gamblers Lose Big on $100K Bitcoin Bet

Bitcoin enthusiasts betting on the cryptocurrency's ascent to $100,000 suffered significant losses on Polymarket, a popular market prediction platform, as Bitcoin narrowly missed the milestone.

The leading cryptocurrency surged to a record high of $99,655 on November 22, fueling optimism that it would cross the $100,000 mark. A Polymarket poll indicated a 91% likelihood of Bitcoin breaking the six-figure barrier. However, a sharp market correction ensued, pushing Bitcoin to a local low of $90,800 on November 27 before closing the month near $98,000.

Major Bets, Major Losses

The market correction proved costly for traders banking on Bitcoin's breakthrough. A user identified as "TomApproves" placed a $114,000 wager on Bitcoin reaching $100,000 in November, only to see the bet liquidated. Another anonymous trader lost nearly $56,000 on a similar bet.

Polymarket data reveals that the poll's trading volume reached a staggering $28.5 million, underscoring the high stakes involved.

Will Bitcoin Hit $100K or Drop Back to $90K?

Despite the setback, optimism for Bitcoin’s future remains strong. A new Polymarket poll suggests a 40% chance of Bitcoin revisiting the $90,000 range before 2025. Meanwhile, another poll with $14 million in trading volume shows the probability of Bitcoin hitting $100,000 this month rose from 19% to 71% over the last 30 days.

Currently trading at $96,700, Bitcoin briefly climbed to $98,150 earlier this week. Daily trading volume surged by 32%, reaching $42.4 billion, reflecting sustained interest in the asset.

Expert Predictions

Robert Kiyosaki, the author of Rich Dad Poor Dad and a vocal Bitcoin advocate, predicts a temporary price dip to $60,000 before Bitcoin climbs to $100,000. Kiyosaki stated, “If and when that happens, I will not sell. BTC will be having a sale. I will buy more.”

Looking further ahead, Kiyosaki envisions Bitcoin "settling" around $250,000 by 2025, signaling his long-term confidence in the asset.

While recent market activity has left some traders nursing losses, Bitcoin's volatile trajectory and the bullish sentiment from market participants suggest that the journey to $100,000 is far from over.