Predicting the Future of Bitcoin at Australian Online Casinos
Bitcoin is being discussed quite regularly, particularly as a tool for depositing at online casinos in Australia. You may not have noticed, but Bitcoin has once again climbed above $13,000 and there are estimates that it could go much higher in upcoming years.
Today, we give our views on the future of Bitcoin and the viability of cryptocurrencies for online casinos. Note that these are predictions based on our observations of past and current performance. It also should not be taken as financial advice.
Bitcoin Prices Will Rise – But Don’t Believe the Hype
Bitcoin prices fluctuate as wildly as the bankroll of a high variance pokies player. It has reached epic highs but has also seen epic crashes. That is why many people take a HODL stance regarding the coin. Most try to buy the dip. The reason is that they believe that the coin will skyrocket in price, or “Moon” as crypto enthusiasts like to say.
Looking at the performance of Bitcoin and the fact that it is slowly growing in popularity, it is very likely that we will see the coin rise to prices that we haven’t seen. Yes, we think that the price of Bitcoin will eventually go past $20,000. However, we can also see it at some point crashing back down to $5,000 or lower.
We will caution you against buying into the hype that Bitcoin will jump up to $200,000 or more per coin in the next 10 years as some analysts predict. This is nothing more than hype. Could we see the coin reach $50,000? It could happen, but don’t expect it to be a straight rise to $50k.
Other Cryptos Will See Similar Rises
If you are someone that likes to invest in various altcoins, then you may see some nice profits in the next few years as well. Whenever Bitcoin starts to rise, altcoins tend to follow suit. It’s a similar trend that we see in the stock market. When one major stock starts an upward trend, stocks in the same industry also see a bump as people try and find cheaper alternatives.
Note that you will want to stick with more established altcoins like Ethereum, Litecoin, or even Bitcoin Cash as opposed to new cryptocurrencies. While newer currencies will see some interest, the more established coins will see greater demand and higher prices.
Online Casinos Will Throw More Focus on Cryptocurrency
You may have noticed that many Australian online casinos now accept Bitcoin for payment. That’s because Bitcoin is deregulated and not controlled by banks. The casinos do not need a payment processor to handle their crypto payments and don’t have to worry about getting payments blocked by a bank that’s decided to change their policy.
Do you think #bitcoin will reach $288K (S2FX), $100K (S2Fv2), $55K (S2Fv1) before December 2021, or will BTC stay below $55K?
— PlanB (@100trillionUSD) October 21, 2020
As banks and payment processors enact additional restrictions, you will see casinos start to shift focus to cryptocurrency. Bitcoin will be universally accepted, but you’ll see more casinos start to take altcoin deposits.
Bitcoin and Crypto Will Become Easier to Acquire
Some people are not getting into cryptocurrency because they don’t understand the technology or don’t want to go through hoops trying to acquire it. That’s beginning to change and will continue to change in the upcoming years.
For example, PayPal will soon allow its users to buy cryptocurrency through their platform. This will open the world of crypto to a whole new segment of users and make it easier to purchase select currencies. Also, we are seeing more exchanges open that offer a more customer-centric focus. Sites like eToro are making it easier for the average investor to get into Bitcoin.
As crypto becomes easier to acquire, it will become more accepted. This will help drive the price as more people will be buying it. This is what crypto users should want to see as we could soon see a second Bitcoin boom.