Bitcoin Spike Increases Online Gamblers’ Bankrolls

Bitcoin users at Drake Casino were big winners this month – even if they didn’t win in the actual games. That’s because Bitcoin experienced a sharp spike, amid increased investing and media hype. Bitcoin started December trading at just over US$10,500. It then began a major climb from December 3-7, ending at $17,400. The famed […]

Bitcoin users at Drake Casino were big winners this month – even if they didn’t win in the actual games.

That’s because Bitcoin experienced a sharp spike, amid increased investing and media hype.

Bitcoin started December trading at just over US$10,500. It then began a major climb from December 3-7, ending at $17,400.

The famed cryptocurrency fell to $14,000 over the next few days. But it rose again, reaching an all-time high of $19,783 on December 17th. That said, anybody with Bitcoin in their online gaming bankroll would’ve nearly doubled their funds.

Where is Bitcoin Now?

Bitcoin has proven volatile in recent weeks, falling from its all-time high to $14,900 at the time of this post.

This is discouraging to those who want to keep seeing the cryptocurrency continue rising. But $14,900 is still about 50% higher than where it was to start December.

What Makes Bitcoin So Valuable?

Where Bitcoin’s value lies is a debatable question. Some claim that it was mainly used by money launders and other criminals to evade the law. This value has been somewhat nullified, because Bitcoin isn’t completely anonymous.

However, others tout more-practical aspects in that Bitcoin can be a “store of value” and an investment opportunity.

Online casino players are also finding incredible value, because they can gamble with bitcoins. This is especially nice for anybody who has limited options due to their country’s laws.

Online casinos can accept Bitcoin from most countries, given that it’s a decentralized currency.

Future of Bitcoin

Some analysts are bullish on Bitcoin, because it runs on the popular blockchain technology – a public ledger that keeps track of transactions. Others believe that it’s a fad akin to Tulip Mania, which happened in The Netherlands in 1637.

For the moment, Bitcoin is holding steady. But chances are that will could gain value once again if outsider investors gain more confidence.

 

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