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What Bettors Need to Know about the $5,000 Bitcoin Price

Date Posted: October 17, 2017

The most used cryptocurrency breaks most people’s expectations as Bitcoin rises to $5,000 price point The increasing price movement that started last week shows how Bitcoin is resilient against a bubble effect.

Sportsbook bettors can expect much more from placing their bets on Bitcoin sportsbook sites such as Cloudbet, William Hill, and Sportsbet.io. Payouts from money line or accumulator bets are worth more than last month.

Sportsbook benefits

Thanks to the jump in Bitcoin prices, any payouts from wagers are more valuable than last month. Bettors are sure to get excited for any upcoming sporting events such as the Formula 1 US Grand Prix, WTA Finals, or the Rugby League World Cup.

Sportsbook bettors might also want to hold on to their winnings by the end of the year. There is an upcoming hard fork that will update Bitcoin. If this follows the same event as August, the price of Bitcoin might go further than $6,000 or $10,000 by the end of the year. However, cashing out while the price is around $5,500 is a smart and safe move for any punters.

$5,000 price mark

Bitcoin was brushing the $5,000 mark near the end of August due to the momentum it has built after the application of the SegWit at the start of the month. However, China started to crack down on cryptocurrencies when the price was nearly able to reach the level. The country halted exchanges and banned ICO within the country.

This led to the decline of Bitcoin price to $3,350. What makes this interesting is how the price should have been lower in regard to China’s dominance over the cryptocurrency. The price was stable due to the active trading community and transaction of Bitcoin outside of China.

Moreover, blockchain transactions and awareness have grown across the globe. A property developer in London started accepting Bitcoin payments from its tenants last month. Celebrities such as Floyd Mayweather and Paris Hilton have been endorsing ICOs with the use of Bitcoin or altcoin to purchase tokens for investment.

People are seeing Bitcoin in a different light than in 2014. Many are seeing how Bitcoin can bypass banking fees and restrictions. This is why some countries are adopting Bitcoin or are showing interests in accepting it.

Japan is one example of a country that started accepting Bitcoin this year by implementing rules and regulations to the cryptocurrency payment.

Another country added to the list of major Bitcoin contributor is Russia. President Vladimir Putin said that his country needs to regulate the trade of Bitcoin in order to prevent cryptocurrency from funding terrorism and criminals. He also said that there should not be too many rules to prevent the use of cryptocurrency. Putin’s statement shows how close Russia is coming towards the acceptance of Bitcoin.