Bitcoin has been climbing to unprecedented highs recently, and the change is being felt in several sectors, including the online casino industry and the next US presidential race. The cryptocurrency method has been increasing in value for some time, but the most recent surge is reportedly due to the assassination attempt on former United States president Donald Trump. Crypto enthusiasts are hopeful that he will win the November election.
The surge has also changed the iGaming industry, prompting operators to incorporate cryptocurrency to enhance the overall gambling experience. Players are utilizing Bitcoin more than ever today to explore online slots, table games, live dealers, and video poker.
Bitcoin Price Rise
This year, Bitcoin has seen two big drops, one in late June and one in early July, but bounced back to over $60,000. It is expected that Bitcoin will reach its highest price again soon and the effect will be seen in major industries, including iGaming.
There is an increased demand for Bitcoin, which is helping to drive the value up considerably. The assassination attempt on former president Trump has seemingly propelled Bitcoin to the next level, along with other cryptocurrency types. In one week, Bitcoin was up to around $63,000, with the cryptocurrency increasing over 10% in one week and more than 5% in one day.
The attempt on Trump’s life is seen as an increase in the former president winning the election this November. The cryptocurrency community is excited as they feel that Trump, being crypto-friendly, will help increase the value of Bitcoin even more.
Along with Bitcoin, Ether is also up, boosted by more than 10% in one week. Solana and Dogecoin saw an average of 5% increase in just one day.
The increase in confidence that Trump will be president of the United States once again has major ramifications for the country and on a global scale. Foreign governments typically prepare for political outcomes based on elections, and a loss in confidence in Biden may result in nations deciding to stop or delay cooperation on certain matters until the ‘new administration’ comes in.
The Rise of Cryptocurrency at Online Casino Sites
Over the past few years, operators’ adoption of cryptocurrency, such as Bitcoin, has been slow, particularly those based in the United States. Bitcoin’s enhanced security features and decentralization drive its addition to iGaming sites.
Cryptocurrency offers faster transaction times and zero to minimal fees, which makes it more appealing than traditional banking options like credit or debit cards. Due to the efficiency and anonymity of payments, platforms that integrate Bitcoin, Litecoin, and other crypto types can gain traction among players and maintain a larger player base.
It’s also important to note the benefits of Bitcoin for transactions. Players within an online casino site can use Bitcoin to add funds for gaming and withdraw wins. The payment method is secure and offers maximum privacy via blockchain technology. The level of security is essential as casinos deal with a large number of regular players and thousands of transactions.
Conclusion
The recent surge in Bitcoin value is having a major impact in several sectors, including online gambling and potential political outcomes for the US.
There is no doubt that Bitcoin and other cryptocurrencies are on the rise. Will the increase continue if Biden manages to snag the presidency, or will there be a huge hit to the currency type with a drop in value? For online casinos, the benefit will remain, even if Bitcoin loses value as players will still be able to use the option to deposit and withdraw funds in a seamless and secure manner.