Bitcoin Gains Support as Cryptocurrency Stabilizes

Martin Green

Monday, July 9, 2018 12:17 PM UTC

Monday, Jul. 9, 2018 12:17 PM UTC

Bitcoin has been on a wild ride in 2018, but some stability has returned to the market over the past couple of weeks.

Bitcoin prices have stabilized over the past couple of weeks and the cryptocurrency has gained plenty of support for future value growth. It has been a wild ride for Bitcoin in 2018, dominated by wild fluctuations and volatility, but the past week has been a lot gentler. It peaked at almost $6,800 on Wednesday, dipped to $6,450 the following day and then traded within that range, hitting $6,550 at the weekend. That is good news for sports betting fans wagering in Bitcoin, as it ensures that their winning margins are not eroded in the time it takes a ball game to be decided.

Some investors are feeling the Bitcoin blues these days after the price plummeted from nearly $20,000 to below $6,000 last month. A bubble clearly burst, but the cryptocurrency’s price is still well ahead of where it was a year ago. High-profile investors are extremely bullish about its future prospects. David Sapper, chief operating officer at cryptocurrency exchange Blockbid, said: “I believe that the hype has barely even begun. Only 1% of the global population owning any cryptocurrency and news of banks and financial institutions looking incorporate blockchain technology and invest in cryptocurrencies, I think there will be a more mainstream adoption in the coming 18-24 months.”

Sports betting fans are well versed in Bitcoin due to the versatility, speed and anonymity it offers. There are several Bitcoin-only sportsbooks, and all the major books accept Bitcoin wagers. But it is certainly not widespread in retail and banking, and advocates see a vast opportunity going forwards. Cameron Winklevoss, president of Gemini and a high-profile Bitcoin investor, still believes it to be gold 2.0, arguing that it will become a trillion-dollar asset over time.

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Just spoke to @winklevoss who says he still sees bitcoin as gold 2.0. Says his team is shutting out the noise, and focused on building @GeminiDotCom. Says despite the downturn, still sees bitcoin becoming a trillion dollar asset. $BTC @CNBC

— Seema Mody (@seemacnbc) July 6, 2018
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“Our belief and thesis have stayed the same: we have conviction, and we keep pointing towards the North Star and our goal,” said Winklevoss, who runs the company with twin brother Tyler. “It’s been arguably a slower couple of months in terms of trading, but at Gemini it’s been one of the busiest months of our existence as we scale and build. Certainly there’s going to be people in the market that lose their interest. That is what it is.”

The crypto market has received plenty of negative publicity this year, and that has certainly dented the price. Hacks, fake initial coin offerings, stolen digital wallets, regulatory clampdowns and gloomy outlooks from famous economists have all taken their toll, but the likes of Winklevoss remain buoyant. Big companies like Facebook and Twitter banned Bitcoin ads, causing another blow. But Facebook has now lifted its ban, some confidence has returned to the market, which in turn has seen price increases within Bitcoin.

“The cryptocurrency market is such a young industry and with the correct legislation and regulation, I believe cryptocurrencies will become part of our daily lives,” said Sapper. “The technology behind cryptocurrencies, blockchain, is being harnessed by numerous sectors and I wouldn’t be surprised if some companies create their own cryptocurrencies for internal use. As the technology improves, there will be more interest in virtual currencies and we will certainly see a wider adoption of these in the future.”

That would lead to even greater stability, which would be helpful to sports bettors. Yet Sapper makes a good point about the youth of this market and it is always worth bearing in mind Bitcoin’s volatility when betting. It is probably worth avoiding betting on futures markets and sticking to games taking place that day or the following day, and then quickly changing any winnings back into dollars. Zero-fee websites should also be sought out, as it does not cost anything to transfer Bitcoin from one place to another. Always double-check the address you are sending money to, because Bitcoin trades cannot be reversed, and try to use reputable sportsbooks with a strong history of fairness and prompt payouts.

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