There is every reason to believe that both the iGaming sector and the cryptocurrency industries are intertwined with each other, although do both correlate to each other and help digital assets such as Bitcoin to soar in price?
Indeed, there has been a growing demand for crypto gambling platforms due to the benefits that can be experienced when using a digital asset for wagering purposes. Many gamblers have turned to using Winz.io because they are able to enjoy advantages that can not be experienced when using traditional fiat currency compared to using virtual tokens.
In addition to Winz.io, there are other online casinos that are gaining popularity among gamblers, such as Betway Casino, LeoVegas and Royal Panda. However, Winz.io is unique in offering a hybrid payment system that allows users to seamlessly switch between traditional fiat currency and various cryptocurrencies, giving them more flexibility and control over their betting experience.
As a result, there have been a number of different games to have been made available to play across a variety of different cryptos, with gamers able to enjoy a number of classics with whichever desired payment option they choose.
However, despite the fact a number of stablecoins and altcoins are available to use, Bitcoin continues to remain the number one option for many and is one that continues to create traction. Of course, the price of each coin is certainly one of the reasons why that happens.
Bitcoin remains volatile
Bitcoin has experienced a number of rather volatile moments recently, with the coin having been able to experience a huge surge in price, although it has also experienced some rather huge pullbacks recently. Despite having been valued at just under $70,000 towards the end of 2021, this year has been rather challenging for investors as a huge crash took place. The digital asset dropped to below $40,000 although has since started to recover at a slow rate.
Indeed, many Bitcoin traders and whales believe there is no need to panic at the moment, though, as they feel that whilst the coin will remain highly unstable and volatile, it will recover to a level of $46,500, which will then flip support for the asset.
Nonetheless, regardless of the price that it finds itself, the virtual currency has continued to remain of an extremely high interest for investors. A number of institutional investors such as MicroStrategy have taken an interest in it, with this kind of level of institution helping to stabilize its prices in a number of ways.
What are the benefits of using Bitcoin when gambling?
Enthusiasm has also played a rather important role in helping to fuel prices, especially as many are able to experience a number of benefits when they decide to enjoy crypto gambling.
For example, bettors are now able to make cheaper transactions that are a lot quicker than when a fiat currency is used, whilst they are also a lot easier to make as they do not require approval from a financial institution such as a bank.
Moreover, and perhaps one of the biggest reasons why so many have turned to crypto for their gambling activities is due to the anonymity that can be experienced, as well as the fact that players can remove any geolocation restrictions that may apply to gambling.
Is there a correlation between the two industries?
So, is there a correlation between online gambling and the price that Bitcoin finds itself at?
Well, it could be an answer that can offer two sides to an argument. Some could suggest that it does have an influence due to the fact that there have been historic rallies that coincide with each other. For instance, the rally of 2017 was a breakout year for crypto gambling platforms, although some would perhaps suggest that the price of Bitcoin currently would actually put bettors off, as many would rather trade it as an asset rather than wager with it.
Nonetheless, some would state that Bitcoin will continue to soar in price as long as cryptocurrency remains popular around the world and continues to be adopted at the rate that is currently being experienced.
Conclusion
To conclude, it would seem rather difficult to know whether there is an actual correlation between the iGaming sector and the cryptocurrency industry, although both are likely to continue to experience huge levels of growth in the coming years.
