Bitcoin Makes Strong Value Gains as Fluctuations Settle

Martin Green

Monday, March 5, 2018 9:07 PM UTC

Monday, Mar. 5, 2018 9:07 PM UTC

Bitcoin enjoyed another week of steady growth and investors remain bullish about its future prospects.

Bitcoin broke back through the $11,500 barrier Monday. The current price represents a 12 percent rise on its value from this time last week, and the fluctuations have not been too wild over the past seven days. Many have taken to calling it the new gold because it behaves like a commodity and it can thrive in a trade war. However, its volatility makes it a risky safe-haven investment and its primary purpose remains a cryptocurrency, which just so happens to be great for online sports betting.

Bitcoin sportsbooks can often afford more generous odds because they eliminate the need for middlemen and human intervention, thus reducing overheads. The anonymity and speed of use are also important factors for sports bettors to consider. Even Las Vegas, the spiritual home of land-based casinos, is getting in on the act; the city now has 25 Bitcoin ATMs dotting its streets.

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I heard that a dancer in Vegas has a bitcoin QR code tattoo and all I could think of was...

I hope it is a temporary tattoo because they might want to upgrade to a bech32 native segwit address to save on fees. Also address re-use is poor privacy.

— Andreas M. Antonopoulos (@aantonop) February 28, 2018
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But it pays for bettors to keep abreast of developments in the cryptocurrency market, which is a bit of a Wild West at present. As it is in its infancy, it is subject to regulatory clampdowns at any moment, which are liable to send its value plummeting. Futures trading also leaves it liable to huge fluctuations. Therefore it typically seems sensible to bet using Bitcoin and quickly change your winnings back into dollars or another fiat currency to avoid taking a rapid hit on your margins.

Unless, of course, you are playing the long game, and many commentators argue that this would be a shrewd strategy.

An investment panel put together by Finder predicted that Bitcoin will be worth $29,533.33 by the end of 2018, growth of more than 150 percent. Chief executive John Oster said: “While the downturn has continued over the past month for many coins, our panel is positive that it’s coming to an end. All 12 coins listed in our report [including Ethereum and Dogecoin] are expected to increase in value by April 1, 2018, and also rise further by the year’s end. BTC is still forecast by our panel to reach the highest value of the 12 coins, at $29,533.33 by December 31.”

One man who has not made a killing on Bitcoin is 50 Cent, contrary to earlier reports. TMZ ran a story in January claiming that the rapper, whose real name is Curtis Jackson, had accepted Bitcoin payments for his 2014 album Animal Ambition. It said he had sat on the currency for several years and made more than $7 million in the process. After the story was published, 50 Cent took to Instagram to brag about his Bitcoin fortune, saying he had simply forgotten he had it. But at a bankruptcy filing court last week he was forced to admit: “I do not personally own, and have not owned, either a bitcoin account or any bitcoins.” When asked why he lied, he added: “As a general matter, so long as a press story is not irreparably damaging to my image or brand, I usually do not feel the need to publicly deny the reporting,” he said in sworn testimony, according to the filing. "This is particularly true when I feel the press report in question is favorable to my image or brand, even if that report is based on a misunderstanding of the facts or contains outright falsehoods.”

In other news, Apple co-founder Steve Wozniak revealed he was conned out of $71,400 worth of Bitcoin in a scam. “Somebody bought them from me online through a credit card and they canceled the credit card payment,” he said. “It was that easy. And it was from a stolen credit card number so you can never get it back.”

If a multimillionaire tech entrepreneur with a team of advisors can be scammed, it can happen to anyone. When selling Bitcoin, go to a reputable source.

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