The Milk Road Show

Why Prediction Markets Will Be Bigger Than Memecoins w/ John Wang

Nov 6, 2025
John Wang, Head of Crypto at Kalshi, discusses the booming world of prediction markets, highlighting that Kalshi handled an impressive $4.5B in volume last month. He explains how prediction markets can rival meme coins by offering truth-pegged sustainability. John dives into liquidity, discussing user demographics and onboarding spikes driven by major events. He shares insights on crypto's relevance in prediction markets and reveals exciting future product plans, including new categories and a focus on a mobile app.
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INSIGHT

Markets Beyond Crypto Drive Volume

  • Sports and politics are major volume drivers, with politics open interest now larger than sports on Kalshi.
  • New categories like culture and crypto are growing and diversify user engagement.
INSIGHT

Prediction Markets Are More Sustainable

  • John compares prediction markets to memecoins as consumer-facing but more sustainable because they resolve to truth.
  • He argues prediction markets are harder to manipulate and less cyclical than memecoins.
ADVICE

Prevent Insider Trading With Rules And Surveillance

  • Kalshi enforces KYC and market-specific trading restrictions to reduce insider trading risk.
  • They use surveillance and carefully select markets to prevent insiders from trading.
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