At the time of this writing, the Bitcoin price is flirting with $19,000 USD. The word Bitcoin is also at an all-time high as a search term on Google according to Google Trends. With so much hype surrounding Bitcoin, it’s only natural that both the price and the idea of gambling using the world’s most valuable cryptocurrency will only continue to surge as we head into 2021. Let’s summarize the reasons why.
Surging Price Will Whet the Gambling Appetite
The price of Bitcoin is up more than 200% in 2020. Large institutional investments by companies like MicroStrategy Inc., Galaxy Holdings, Square Inc and the Greyscale Bitcoin Investment Trust is a big reason for that. So is 2020’s halving event that saw the number of new bitcoins awarded to miners cut in half, which is what happens approximately every four years.
With the price approaching its new all-time high, the fear of missing out will also approach an all-time high among investors and gamblers alike. At a time like this, new entrants into the cryptocurrency space will likely pull back on their gambling habits to try to preserve capital and watch their net worth skyrocket as the price continues to grow. But by the end of next year, gambling will also continue to rise in popularity as investors earning a profit on their holdings will look to double up. This phenomenon happens over and over again whenever Bitcoin cools off and begins to move sideways.
Keep in mind we haven’t even consider the fact that Bitcoin gambling sites profiting off of the increase in price will also expand their operations and marketing efforts in order to grow their customer base as new crypto investors begin to realize how exciting it is to gamble on Bitcoin-friendly sites.
Even More Payment Options for Bitcoin and Gambling
Square Inc. and PayPal have officially come to of the biggest bitcoin whales in the world. PayPal has access to over 26 million merchants and hundreds of millions of customers and Square is the payment processing company behind one of the largest e-commerce platforms in the world, Shopify. Both platforms are now adopting Bitcoin on a mass scale. With less than 3 million bitcoins in circulation available for purchase, the price is sure to skyrocket once again.
These developments don’t just affect the price of Bitcoin, it also means that Bitcoin gamblers don’t have to rely on third-party payment providers to approve whatever they want to do with their credit cards or Neteller accounts. Now, an avid gambler can just buy Bitcoin through PayPal or any other number of on ramps and send it straight to their gambling account. No questions asked, and oftentimes no KYC required to use the Bitcoin gambling site of your choosing.
Higher Risk Reward Profiles Will Begin to Reveal Themselves
Trying to exorcise the demons of the fear of missing out is easier said than done. But there is another phenomenon that often reveals itself when people begin making big profits. They think it’s never going to end. Even though we all know as human beings that what goes up must come down, the rush of dopamine we experience when we watch our bankroll grow in size and value is hard to ignore and it often leads many gamblers to double down continuously.
Now that the bitcoin gambling world has matured and the price of the cryptocurrency itself is reaching new highs it may never come down from, gamblers are simply going to be more inclined to let the good times keep rolling. If you’re one of those gamblers, odds are 2020 has been very kind to you. With all things being considered, 2021 is shaping up to be even nicer to us all.
