Both Kalshi and Polymarket raising new rounds at 20B valuations each.


That’s not gonna end well.
Don’t get me wrong, I love prediction markets. Genuinely one of the best use cases to come out of crypto and have the highest respect for both of these teams.
But mark-up round after mark-up round, each more disconnected from reality than the last, and the gaps between rounds getting shorter every time.
We all know how this ends: IPO at an insane valuation, bleeds from day one, retail holds the bag.
Can we not, just for once, not do this again?
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