How Sports Bettors Will Benefit from High $4,000 Bitcoin Price
August 22, 2017
There is no stopping the cryptocurrency rocket as Bitcoin reaches $4,000. Getting to this price was possible due to the various factors happening in the Bitcoin community and with real-world events.
With Bitcoin reaching $4400 last week and with the chances of it to go higher, bettors are sure to benefit from the price increase. The high value of Bitcoin will give them a better payout than what they would have received from last month.
Higher Bitcoin sportsbook payouts
Any Bitcoin sportsbook bettor who may have won a good payout during The International 2017 or the recent Formula 1 Grand Prix is sure to be excited at seeing the current price of Bitcoin. With a value above $4,000, bettors can just cash out and enjoy the real-world value of their winnings. However, there is another gamble presented to them with the current trend of Bitcoin’s value.
Analysts are seeing a possible push to $5,000 before 2018. There is a chance that a payout from Bitcoin sportsbooks such as Sportsbet.io or Cloudbet could result in a higher value when Christmas rolls by.
It is important however to note that waiting for Bitcoin to reach $5,000 or more is still a gamble. There is always a chance that Bitcoin may experience another bubble due to how fast the value rose in a short time. Regardless, bettors can still cash their winnings out while the price is still at an all-time high.
Bitcoin price details
There are many factors that push the value of Bitcoin upward. The main contributor to the push is the SegWit activation that occurred in the start of August. The SegWit activation increases the block size limit in the Bitcoin network. With the SegWit locked in, investors and traders are showing confidence in Bitcoin.
There are large investment firms that look to invest in Bitcoin. One of which is Fidelity Investments, which has over $2.13 trillion worth of assets. There are also institutional investors looking to buy Bitcoin through a heavily regulated exchange. These exchanges include Gemini’s Daily Bitcoin Auction as well as Chicago Board Options Exchange.
Another possible reason is due to what is happening in the world. There are concerns over the North Korea and the US rift which may trigger the Third World War. Due to concerns, people are looking to move their money out of the country or protect it from a possible financial crash should the war affects the economy. Bitcoin acts as a way for people to protect their assets. This is why there is a high demand for Bitcoin in countries that are in economic turmoil.
With confidence high and the community in high spirit, the Bitcoin market has been bullish after Aug. 1. Two weeks ago, Bitcoin was selling for $3,000, but it spiked to a new high of $4,400 last week.