There’s been a lot of woo ha going on about Bitcoin’s projected value, market experts are of the opinion that it could reach an astronomical sum within the foreseeable future.
At the end of the day it’s best to be objective about it and not to get carried away in all the hype. This article explores the possibilities of Bitcoin reaching $500k per coin and the impact it currently has on the online casino industry.
In a recent interview with Business Insider, Jeremy Liew one of the first investor’s in Snap Inc., the $24 billion holding company of Snapchat said the value of 1 Bitcoin could reach $500,000 by 2030.
Bitcoin has been the world’s top-performing currency since 2009, the beauty of it all is that the digital currency’s volatility has decreased by a substantial margin and now on an even keel with gold.
Bitcoin’s Impact On The Online Gambling Industry
As it is Bitcoin is used as a global payment method, countries like Japan and the Philippines now accept is as a legitimate remittance and payment method. Philipinas Bangko Central, the country’s central bank has the following to say in its circular No. 944:
“Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”
CEO of Blockchain Peter Smith said the high liquidity of Bitcoin enables it to be the perfect currency that can be used as a remittance method for consumers. Liew also chipped in and stated that Bitcoin has become extremely appealing to mainstream investors and considered by many a reliable digital currency.
”We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level.”
Bitcoin casinos latched onto the digital currency not only because it’s growing at an exponential rate but it’s also become a ‘wealth management tool’.Therefore, users can deposit and play at online casinos that accept bitcoins without being bogged down costly bank transactions, it’s safe, secure and convenient.
Another distinctive trait about the cryptocurrency is that there’s only a certain amount of it in circulation, it’s a rare commodity and something that’s rare is valued highly. Which explains why why 1 Bitcoin could be valued at an astronomical $500,000 by 2030. Liew is of the opinion that the user base of Bitcoin could grow by 20 times within the next decade.
“Bitcoin’s 2030 price and user count total $500,000 and 400 million, respectively. The price is found by taking the $10 trillion market cap and dividing it by the fixed supply of 20 million bitcoin,”
Why Online Casinos Prefer Bitcoin?
Online casinos that accept the digital currency are not limited by a regulated channel this is why it now appeals to a large player base.
The online gambling industry has become over-regulated, the good news is that Bitcoin circumvents all forms of regulation opening formerly competitive markets which only focuses on fiat currencies.
In summary. We’re not going to go over old ground here since we’ve said this many times before in our previous articles, it’s safe to say that Bitcoin is here for the long haul. As it continues to mature, many investors will see it as a hedge in times of political and economic uncertainty which will drive the digital currency’s demand and price even further.