Many people are familiar with Bitcoin on a surface level – they understand it’s a digital currency, and for many people, that’s where their knowledge ends. However, Bitcoin has seen a meteoric rise since its inception, and more specifically, at the beginning of 2021. As of January 8, 2021, Bitcoin reached an all-time high market price of $41,940.
The surge sparked a new wave of interest in the cryptocurrency as media publications spread the word of the potential to invest in Bitcoin. More and more online casinos have scrambled to incorporate cryptocurrency transactions on their websites in the last few years. So as Bitcoin sees more practical usage, what does that mean for the future of online gambling in 2021 and further?
The Bitcoin Frenzy
The year 2020 saw Bitcoin add 300% to its market price. This explosive rise was second only to the 2017 chaos that saw all cryptocurrencies skyrocket in price. Although Bitcoin was steadily on the rise throughout 2020, the constant volatility and fluctuation deterred many casual investors. Only in the last quarter of the year did we see an unexpected shift where Bitcoin shot to the moon.
Bitcoin Could Hit $300,000
On January 8, 2021, Bitcoin broke the $40,000 barrier and sat at $41,940 for a while. This set a positive precedent for the start of the year for cryptocurrency. A senior analyst at Citi predicts that Bitcoin could reach an eye-watering $318,000 by the end of the year.
The reason for this renewed Bitcoin frenzy is due to the government response to the coronavirus pandemic and how its economic recovery plan consisted of printing more money and quantitative easing. Subsequently, as Bitcoin becomes a viable alternative currency, society will see more practical cryptocurrency usage, driving the price up even more.
What to Expect for Bitcoin Online Casino Gaming in 2021
So how does Bitcoin’s success translate to the online gambling industry? The arrival of easy online banking marked a seismic shift in the gambling industry, which meant that casinos could operate online and offline.
Similarly, Bitcoin becoming a popular deposit method implies that there will be heightened security and speed on online casinos. This does not only apply to Bitcoin, however.
Due to Bitcoin’s success, cryptocurrencies as a whole are sharing a spotlight never seen before – this means that other cryptos such as Ethereum and Litecoin may also see some representation on online casinos. Online casinos are already offering cryptocurrency deposit bonuses, and we can expect to see much more of that in 2021 and beyond.
The Gamble of Cryptocurrency
For Bitcoin holders, 2020 and the first few weeks of 2021 have been a blessing. It’s exciting where the digital currency can go from here, and if the start of this year is anything to go by, the future is promising.
Bitcoin is hailed as the “21st-century gold”, so it would be interesting to track its progress and how online casinos will take advantage of this crypto boom.