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Bitcoin given just 1% chance of hitting $1million by end of 2023 despite former Coinbase CTO’s giant bet

Liam Solomon
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Odds via BettingSites.co.uk suggest coin most likely to stay between $10,000 and $50,000 this year after rise

Bitcoin has just a 1% chance of making it to $1million and an 11% chance of hitting $100,000 by the end of the year, according to the latest odds, despite the cryptocurrency rising in popularity over the past week.

A loss in confidence after a slide in bank valuations in the US last week has led to Bitcoin strengthening in price, reaching its highest point in nine months, at $28,000.

Former Coinbase CTO and popular venture capitalist Balaji Srinivasan has bet on the coin to reach $1million due to incoming hyperinflation off the back of a number of bank bailouts.

Odds via BettingSites.co.uk show Bitcoin has just a 1% implied probability of reaching $1million in 2023 at odds of 100/1.

While to go as low as $1,000 has a 10% chance at 10/1.

Liam Solomon, PR manager for BettingSites.co.uk said:

“Bitcoin’s resurgence in popularity has led to many believing the coin could hit unprecedented values.

“With volatility among the health status of banks in the US and if confidence in the current fiat infrastructure continues to fall, it may not be long until we see Bitcoin reach heights of $100,000 or beyond in the coming years.

“The latest odds have Bitcoin at 8/1 to reach $100,000 by the end of the year, an 11% chance. While to hit $1,000,000 in 2023 – in line with Balaji – it has just a 1% shot of happening at odds of 100/1.”

Odds via BettingSites.co.uk

Will Bitcoin go above $1,000,000 by end of 2023:
Yes: 100/1 | +10000 | 1%
No: 1/200 | -20000 | 99.5%

Will Bitcoin go above $100,000 by end of 2023:
Yes: 8/1 | +800 | 11%
No: 1/12 | -1200 | 92%

Will Bitcoin go above $50,000 by end of 2023:
Yes: 5/1 | +500 | 17%
No: 1/8 | -800 | 89%

Will Bitcoin go below $10,000 by end of 2023:
Yes: 3/1 | +300 | 25%
No: 1/4 | -400 | 80%

Will Bitcoin go below $1,000 by end of 2023:
Yes: 10/1 | +1000 | 10%
No: 1/16 | -1600 | 94%

*All odds and percentages over-rounded above 100%

Liam Solomon

Liam is a content writer for Betting Sites. He has 7 years of experience writing articles on trending topics including sports and finance. Liam has a passion for analysing trending data and has had his data shared in publications including New York Times, BBC and 1000's more.