Did Prediction Markets Cause the Crypto Crash?

Please join The Information at the New York Stock Exchange on Monday, April 27, for The Information’s “Financing the AI Revolution” forum. Hear from top executives and investors on how the rapid build-out of AI is reshaping tech, finance and capital markets. Learn here. On Kalshi, the wildly popular prediction market, bettors assigned just a 32% chance that bitcoin will cross $100,000 before October 2027. The crypto currency was at $126,000 last October and now sits at half that level. Kalshi, by contrast, just doubled in value in four months to $22B.