Online crypto casinos have multiplied in the past couple of years. With Bitcoin prices soaring, it is fitting to analyze whether there is a correlation between the popularity of crypto casinos and Bitcoin prices.
Bitcoin gambling games are on demand. There is a whole array of factors that fuel this trend. That said, the elephant in the room is the asset/currency itself. Generally, the online gambling industry is transforming in the wake of Covid-19 shutdowns that adversely affected physical casinos. Accordingly, some of the best crypto games like Blackjack and Bitcoin Crash extend their decades-old popularity to the internet.
The best crypto games are not limited to Bitcoin. Gambling themed tokens like FunFair’s $FUN token, Bitbook’s $BXK token, and WINK’s $WIN token are holding up pretty well. Still, Bitcoin takes up all the oxygen because of how much larger it is than any other cryptocurrency.
Bitcoin’s Rising Prices
The pioneer coin has been in existence for more than a decade but feels like it is only getting started.
To start 2021, Bitcoin is pushing towards the $35,000 mark. A few weeks ago, crossing the $20k mark was in itself an astonishing achievement. After the bear market of 2018, many were quick to write Bitcoin obituaries, but this coin has blown all the skepticism away.
Now, interest in Bitcoin has hit a fever pitch. The entry of institutional investors like MicroStrategy is a game-changer. These are not short term investors who look to pump and dump Bitcoin. Instead, the new class of notable investors will help stabilize Bitcoin prices, at least in the near term.
The enthusiasm around Bitcoin is undoubtedly fueling prices. When national currencies are stuttering, Bitcoin has come to serve as a valuable asset store’s secondary role, which is quite incredible given Bitcoin’s historical volatility. It is providing a unique investment because its prices are quite dynamic.
Advantages Unique to Bitcoin
Bitcoin does not work like traditional money.
It makes it easy to deposit funds on crypto gambling platforms like BC Game. Cutting out the bureaucracy of bank transfers and credit card companies reduces the time it takes to make deposits and withdrawals.
Additionally, Bitcoin and cryptocurrencies remove geolocation restrictions that apply to gambling. Several jurisdictions don’t allow gamers to play casino games using real money. Bitcoin allows individuals in such jurisdictions to bypass these restrictions as a user does not need banks to deposit money to online casinos.
Gambling enthusiasts can access crypto gambling platforms even in dictatorial countries that restrict the lives of citizens. The avoidance of centralized institutions that may be corrupted is a vital advantage. That said, it is better to comply with regulations in your country of residence.
Gamers are better empowered to control their funds at all times. The tedious process of using centralized institutions, which can enforce censorship, has long been a thorn to online gambling‘s peaceful enjoyment. The only thing left is to read casino reviews to ensure that the platform you wager on is secure and provably fair.
Is There A Correlation Between Online Gambling Popularity and Bitcoin Prices?
Bitcoin has grown in stature over the years. There have been bumps along the way, some relatively serious. Without dispute, the general trajectory is heading a certain way: higher than it has ever been.
Crypto gambling certainly catches the tailwinds when Bitcoin prices soar. The historic rally of 2017 was the breakout year for many crypto gambling platforms. Indeed, many did not survive the fallout that came after. Some turned out to be no more than fronts for Ponzi Schemes.
However, legitimate and fundamentally sound ones endured and have only kept growing. This year marks three years since the start of the previous historic rally. The market finds itself in the midst of another rally whose ceiling could be way above the present record highs.
There is another theory that high Bitcoin prices make it less likely for gamers to wager in Bitcoin. This is because many of them would rather “Hodl” Bitcoin and trade it as an asset. Going by this theory, record Bitcoin prices are not necessarily great for crypto gambling casinos. It is difficult to ascertain its accuracy because people who wager Bitcoin are typically small-scale holders, who don’t have much cause in holding onto the coin for a long time.
The Big Picture
Even though there are conflicting theories on the impact of high Bitcoin prices, the former theory likely holds. High Bitcoin prices drive up interest in anything crypto-related, drawing in many new gaming enthusiasts into crypto gambling. Therefore, online crypto casinos are likely to benefit from the hype that high Bitcoin prices inevitably generate.
It will be fascinating to track online casino activity as Bitcoin continues to soar. This industry will likely boom even further as interest in cryptocurrency continues to spike.