Bitcoin has been treading water between $3,500 and $3,700 over the past couple of weeks and its newfound stability makes it an intriguing proposition for sports bettors. There are a number of benefits to using this popular cryptocurrency for wagering purposes, as it offers speed, ease and anonymity. It cuts out the middleman and transcends international borders in one fell swoop, meaning that handling fees do not erode your margins. The anonymity is crucial because books cannot ban successful players, while it improves security, makes betting speedier and more convenient and cuts out your reliance on Skrill and Neteller. The only major downside is the sheer volatility of Bitcoin, as a vast decline can wipe out your profits, but that has not been a problem in the past fortnight.
Bitcoin fell to $3,626 on January 10 and it was trading at $3,556 at the weekend. It has not been prone to any wild fluctuations over the past couple of weeks. This means sports fans have been able to wager on games in Bitcoin and not have to worry about a mad dash to convert any winnings back into dollars out of fear of the price plummeting.
Yet bettors should proceed with caution as several analysts and traders predict that it could fall toward $3,000. Cred, the influential technical analyst, said: “I am interested in the $3,430 level.’ That sentiment is shared by fellow traders, with many putting forth a gloomy outlook. Of course, we are a long way down from the highs of almost $20,000 witnessed back in December 2017, which sparked a media frenzy.
The price fell drastically during 2018, but one man that played the market to utter perfection was Apple co-founder Steve Wozniack. News emerged this week that the tech pioneer bought his Bitcoin assets at just $700 and sold the lot for close to $20,000 when its value peaked a year later, turning a 2800% profit on his investment. “When it shot up high, I said I don’t want to be one of those people who watches and watches it and cares about the number. I don’t want that kind of care in my life,’ said Wozniak. “Part of my happiness is not to have worries, so I sold it all and just got rid of it.’
He may have washed his hands of all his Bitcoin assets, but he said that he hopes to be able to use Bitcoin on a daily basis at some point. “My goal was to travel to a place like Stockholm, and go to restaurants and hotels that only accept Bitcoin, and only use Bitcoin when I travel,’ he told a conference in the Swedish capital. But he added that it is akin to digital gold due to its intrinsic capabilities and characteristics. Meanwhile, Bloomberg has calculated the cost of Bitcoin mining to come in at just over $4,000 per year, meaning that it costs more than it is worth.
Another interesting option in the cryptocurrency market is Tron, which is setting itself up as a rival to Ethereum. It has overtaken Litecoin and Stellar to climb up to seventh place in the chart of the world’s largest cryptocurrencies on the back of a strong few months of trading. In that time it has outperformed both Bitcoin and the US dollar, climbing 130%. It may be down 90% on its all-time high, but its recent rally has raised eyebrows among analysts and it has been attributed rise in the use of the Tron blockchain protocol for DApps.