On Reddit, folks had mixed reactions to the betting action. One person mentioned they were risking their kid’s college fund, while another joked that it felt like ‘betting dollars to win dimes.’
As everyone’s waiting for the SEC’s call on the spot Bitcoin ETF, traders are taking this suspenseful time to place bets, guessing whether these ETFs will get the green light by Jan. 15.
Over at Polymarket, a Polygon-based gambling spot, they’re playing the ‘Yes’ or ‘No’ game on ETF approvals. There’s been around $1.5 million in bets so far, mostly leaning towards ‘Yes.’
Shares there represent the odds, and their value jumps up and down, just like the crypto market. Right now, a ‘Yes’ share costs $0.79, while a ‘No’ share is $0.21. Some big shots are holding onto a bunch of ‘Yes’ shares, with one named ‘kiwi’ holding around $421,000 worth.
According to Polymarket, if any spot Bitcoin ETF gets SEC approval by Jan. 15, ‘Yes’ wins. Otherwise, it’s a win for ‘No.’ The deadline decides who pockets the wins or bears the losses.
The site plans to rely on SEC info to settle things, but they might also consider trusted reports. Meanwhile, Redditors had thoughts: some weren’t fans of the betting idea, while others cracked jokes. Someone in the Cryptocurrency subreddit called the bet ‘stupid,’ saying it’s like ‘spending dollars to win dimes.’ Another person shared they were risking their kid’s college fund, and someone else even apologized to their future ‘crypto grandkids’ for their actions.
