How The Current Bitcoin Bull Run Will Impact Online Casinos
In case you haven’t noticed, Bitcoin is on another bull run. At the time of this reporting, Bitcoin is around $15,800 USD, which is up substantially from around $11,000 USD in early October. Many wonder if the coin will jump back up above $20,000 or if another dip is around the corner.
Today, we will look at what you can expect in the next few months from the Bitcoin market and how it will impact the online gambling market.
Bitcoin Bull Run Will Drive Altcoins Up
Anytime that Bitcoin begins a bull run, you will see the price of altcoin rise. The major altcoins like Litecoin, Ethereum, and Bitcoin Cash have all seen gains in the last couple of months. However, the gains are not as massive as they were a couple of years back.
Why is this? Partially because the current Bitcoin bull run is not getting the same amount of media attention as the last one did. Before, Bitcoin was all the rage and a major talking point. This time around, it seems that the media is taking a wait and see approach to see where the coin goes.
Bitcoin is up 31,000,000% since 2010 https://t.co/Mq1mi37hoM
— Ramp Capital (@RampCapitalLLC) November 11, 2020
As such, the buzz around cryptocurrency is not as massive as it was during the last major bull run. However, if Bitcoin does push up higher, this will change. We will see many altcoins rise in value as people hope their coin is the next BTC. Of course, many of these games will be short-term inflation due to hype. If you plan to invest in altcoin, do so wisely and stick to those with more of a track record rather than new coins that could collapse overnight.
Expect Online Casinos to Push Crypto
You already know that many Australian online casinos accept Bitcoin for deposits. However, expect additional casinos to either start accepting Bitcoin or they will start focusing on Bitcoin deposits. The more crypto a casino can acquire, the more they can profit if the coin skyrockets.
As such, keep a lookout for new Bitcoin deposit bonuses. Casinos that don’t already offer Bitcoin-specific deposits may start offering them. Those that already have Bitcoin offers will likely increase the value of those deposits or add additional offers to encourage additional deposits.
You’ll probably see some casinos start to accept other forms of cryptocurrency, especially if Bitcoin pushes up over $20,000. The likely candidates will be Litecoin, Ethereum, and Bitcoin Cash. However, lesser coins like Dogecoin may be accepted.
More Bitcoin Casinos Will Launch
Every time there is a BTC boom, you will see sites launch to try and take advantage of the trend. The trick is to weed out the legitimate sites from the scams. If you are looking to play at a new BTC casino, check out the platform. Legitimate platforms will use software from SoftSwiss or other major BTC platform providers.
Also, games will be from major pokie providers such as Microgaming, Betsoft, Real Time Gaming, and others. If the software is proprietary or looks like a throwback to 2014 BTC gaming, then pick a different site.
When is a Good Time to Get Into Crypto?
Most people are wondering if now is a good time to get into crypto. It boils down to your risk tolerance. If you are worried that BTC is going to have another major dip as it did in 2018 through 2019, then you might want to hold off. Those that think that the coin is about to crack $20k might consider getting into BTC.
An alternative strategy might be to invest in altcoins like Litecoin or Ethereum. While their prices are up, they are less likely to crash like BTC. Litecoin and Ethereum dipped from their all-time highs but their prices don’t have the wild fluctuations of Bitcoin.
The next few months will prove very interesting. As the world continues to battle the COVID-19 pandemic, we could see BTC prices rise. Where it tops out is anyone’s guess.