- Bitcoin price drops below $4,000 after reports of Chinese Government activity
- Media reports suggest government could close Bitcoin exchanges and ban ICOs
- Drop in price could have knock-on impact on online casino players
Bitcoin prices have plummeted below $4,000 recently, thanks in no small part to the promise of a ‘crackdown’ on certain Bitcoin exchanges by the Chinese Government. That, and the CEO of JPMorgan, Jamie Dimon reportedly calling the cryptocurrency a ‘fraud’.
Of course, there’s no such thing as a quiet week in the world of Bitcoin. If it’s not speculators pushing the digital currency to record highs, it’s actions such as those by Chinese government sending it rapidly in the opposite direction.
Famous for its volatility
All this is par for the course with a crypto asset famous for its volatility of course. On the face of it, the value of Bitcoin against the US dollar should have little impact on whether or not players choose to use it to make online casino deposits.
In reality however, Bitcoin’s health has a huge impact on the willingness of punters to part with the precious stuff.
2017 has been a record year for Bitcoin in many respects. As adoption and speculation on the currency intensified, reaching fever pitch May and June, gamblers were reticent to wager with Bitcoin because it was more profitable to hold in anticipation of further gains.
Those gains peaked last month with Bitcoin briefly touching $5,000 a coin before settling down around the $4,500 mark. For a couple of weeks in Bitcoinland everything was relatively calm. Now, perhaps, there might be a chance for accumulators to spend some of their acquired Bitcoin at online casinos.
Possible Chinese Intervention
But nope, it wasn’t to be: no sooner had holders paused at the zenith of the Bitcoin roller coaster to catch their breath then the ride was off again, this time sending the crypto community plummeting south amidst rumours of Chinese intervention, fuelling a panicked sell-off which today has taken Bitcoin below the psychological $4,000 threshold once more.
The story circulates around various reports, both in Chinese media and further afield that the country’s Government plans to shut down Bitcoin exchanges and allegedly ban ICOs.
So if it isn’t wise to gamble with Bitcoin when its price is rising and likewise when its price is falling, when is it a good time to gamble with Bitcoin?
“Soon” is the maddeningly vague answer. For one thing, there are some punters who have little interest in Bitcoin as a speculative vehicle and simply value the ability to deposit funds into a casino account with the relative anonymity and convenience that Bitcoin provides.
For them, any time is a good time to gamble with Bitcoin. For the more discerning and knowledgeable Bitcoin holder, however, the best time to start spending those coins is once SegWit kicks in.
Bitcoin upgrades on the horizon
The technical upgrade to the Bitcoin network, approved to much fanfare in August, is starting to be rolled out. One of the benefits that SegWit-compatible Bitcoin wallets deliver is lower transaction costs and quicker confirmation times, both of which are crucial if Bitcoin is to be used as a means of transaction rather than merely a store of wealth.
With SegWit transactions now starting to populate the blockchain as users switch to new wallet addresses that are compatible with the technology, Bitcoin is starting to become a viable casino currency once again. The Chinese might be plotting their umpteenth ban of Bitcoin (allegedly) and the price might be as volatile as ever, but behind the scenes, all is rosy with the world’s preeminent digital currency. Believe it or not, there’s never been a better time to bet with Bitcoin.
Want to try an online casino?
Choose an approved casino from our carefully selected list. VIEW CASINOS