“Prediction markets,” as everyone calls them, are all the rage. That should give us pause for many reasons, primarily because they do not “predict the future,” they allow people to bet on outcomes, and, alternatively, because just a few years ago, buying a JPEG of a monkey for $250,000 was thought of as a legitimate investment opportunity.

Kalshi, one such “prediction” market, recently raised $1 billion in investment from Paradigm Sequoia Capital, Andreessen Horowitz and Capital G, increasing the company’s evaluation to a staggering $11 billion. Kalshi, similar to Polymarket, calls itself a “Prediction Market for Trading the Future,” and this week, its co-founders, Tarek Mansour and Luana Lopes Lara, spoke at The Citadel Securities Future of Global Markets Conference.

During the conference, Kalshi co-founder Tarek Mansour said the company’s “long-term vision is to financialize everything and create a tradable asset out of any difference in opinion." Mansour referred to Kalshi as a “general purpose exchange” that he envisions will one day rival, if not exceed, the total addressable market (TAM) of the stock market.

I should note that currently, 70% of all Kalshi trades are sports related wagers, though Mansour sees Kalshi as fulfilling a much higher calling than that of a bookie who lets you bet on a movie’s Rotten Tomatoes score, he predicts his Kalshi market will one day cut through the “noise” of our information age and help people “resolve differences of opinion.”

I don’t know about you, but I wouldn’t bet on it. 

The co-founder of Kalshi says: " The long-term vision is to financialize everything and create a tradable asset out of any difference in opinion." pic.twitter.com/M1gf0leJFV

— More Perfect Union (@MorePerfectUS) December 3, 2025