Bitcoin's Price Surge Fattens Casino Players' Wallets
Not everyone has taken the plunge in crypto currencies but for those who had a go at it like Drake Casino Bitcoin players, the rewards were pretty great. Drake Casino Bitcoin players were big winners this month - even if they didn't win in the actual games. That's because Bitcoin experienced a sharp spike amid increased investing and media hype. With the price of Bitcoin shooting up to almost $20,000 at one point, those who had some Bitcoin holdings and played the money on casinos - their winnings ended up by going up by almost 100% Bitcoin started December trading at just over US$10,500. It then started a major climb from December 3-7, ending at $17,400 which was quite an incredible run.
The famed cryptocurrency fell to $14,000 over the next few days. But it rose again, reaching an all-time high of $19,783, which was a record. That said, anybody with Bitcoin in their online gaming bankroll would've nearly doubled their funds. Good news isn't it?
Where is Bitcoin Now?
Bitcoin has proven volatile in recent weeks, falling from its all-time high to $14,900 at the time of this post. This may be discouraging to those who wanted to keep seeing the cryptocurrency continue rising. But $14,900 is still about 50% higher than where it was to start the month. And as the new year starts to roll in, there's every reason to believe that it will continue to increase in value. With Bitcoin Futures now having been launched on the market, there's every reason to believe that the price could go up to $20,000 soon enough.
What Makes Bitcoin So Valuable?
Where Bitcoin's value lies is a debatable question. Some analysts claim that it was mainly used by money launders and other criminals to evade the law. And this value has been somewhat nullified, because Bitcoin isn't completely anonymous. However, others are touting more-practical aspects in that Bitcoin can be a "store of value" and an investment opportunity. Online casino players are also finding incredible value, because they can use bitcoins to gamble with. This is especially nice for anybody who has limited options due to their country's laws. Online casinos can accept Bitcoin from nearly any country, given that it's a decentralized currency.
Future of Bitcoin
Some analysts are bullish on Bitcoin, because it runs on the popular blockchain technology - a public ledger that keeps track of transactions. Others believe that it's a fad akin to Tulip Mania in 1637 when the price of tulips sank and ruined thousands of investors in the process in Holland. However some very powerful billionaire investors such as Mike Novgoratz have predicted that the crypto currency could even reach levels of $50,000 by the end of the year. For the moment, Bitcoin is holding steady. But chances are that it could gain value once again if outsider investors gain more confidence.