For many people, the first time they thought about Kalshi—a prediction market where you can place bets on the outcomes of sports, politics, culture, weather, and much more—was after a video clip of its cofounder, Tarek Mansour, went viral last week.

Speaking on stage at the Citadel Securities Future of Global Markets Conference, the moderator Molly O’Shea asked, “Tarek, you’ve mentioned multiple times that you think prediction markets will be bigger than the stock market. What is it going to take to become a $1 trillion asset class?” In response, Mansour said, “You know, ‘Kalshi’ is ‘everything’ in Arabic. The long-term vision is to financialize everything and create a tradeable asset out of any difference in opinion.” The market impact of a “general-purpose exchange” capable of settling

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