- Bitcoin now worth over $4,300 per unit
- Account values at online casinos have suddenly risen
Casino players who use bitcoin as their currency of choice could find they have made a serious profit on their deposits at online casinos, after it was revealed that the digital currency’s value has skyrocketed past $4,300 per single unit.
Players with standing balances which have gone unplayed for months or years could see their $100 become $80,000 or more. It may lead to bitcoin casinos becoming more and more popular, if they think their account balances will appreciate in value, alongside the prospect of winning money.
Investors who gambled on bitcoin will also be benefitting from the boom in prices, which saw $15 billion added in market capitalization over the past week.
Bitcoin casino growth reaches all-time high
Bitcoin’s popularity as a betting currency is rising fast with no signs of peaking.
Between 2014 and 2016, the value of bitcoin bets was worth $4.5 billion globally. One study suggests that 337 bitcoin bets per second are placed, and bitcoin wagering could represent as much as one-fifth of the world’s $50 billion online gambling industry.
The anonymity of betting and the potential value of bitcoin value gains makes this an extremely lucrative and attractive industry for high-stakes players. It’s open and transparent nature makes it popular in so-called ‘grey markets’ where a nation’s laws on gambling may be unclear, allowing unscrupulous operators, free from regulation, to prey on players.
Bitcoin boom continues as currency keeps climbing
Analysts say that global political tensions have some part to play in the sudden surge of Bitcoin values. Investors who are worried about traditional currency due to international conflict see the digital currency as a safe back-up option.
Demand for the coins has boosted their value significantly, prompting Standpoint to increase their price target by a further 50%. The currency is also gaining recognition as a mainstream payment option, creating interest from parties who were previously wary of the cryptocurrency.
So should gamblers cash in their accounts right now? Bitcoin’s prices are still climbing, but there is a good chance of that bubble bursting in the future.
The currency is prone to dips and peaks, and with little official regulation or management it certainly holds a lot of risks. That said, every player knows that luck runs as long as it wants to: now may be the time players will lay down a bitcoin bet with a higher value coin, and reap the benefits of the inflated rewards.
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