Bitcoin Bang as Crypto Tops $9200

Written by:
Aaron Goldstein
Published on:

Bitcoin, the best known of the cryptocurrencies, has reached over $9200 Monday morning. 

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Many experts in the sector have pointed to Facebook's intent to introduce 'Global Coin' as one reason for the dramatic rise, Bitcion's highest reach in 13 months. Bitcoin peaked at $9,391 on Sunday and continues to hover right around the $9200 mark Monday morning. This represents a year-to-year gain of 150 percent.

Facebook’s efforts are likely to create a circular economy, which should ease the friction in acquiring Bitcoin.  Facebook’s crypto coin will be pegged to a number of government-issued currencies.

At a cost of $1 billion, the Facebook project will allow Facebook’s 2.4 billion monthly users to convert US dollars, euros and other international currencies into its digital coins.

Experts also point to Litecoin's upcoming halving event that is set to trigger on August 5, 2019 and will make LTC a more scarce asset.

Up to 80% of all online gambling funds are now via Bitcoin and a handful of other cryptocurrencies in so-called "restrictive" markets that include the United States.  Gamblers have the ability to send and receive payments for just a fraction of Bitcoin's cost.  For example, if someone wants to send US$100 to a sportsbook or online casino using Bitcoin, they can convert their USD funds into 0.011 Bitcoin (like pennies on the dollar).

- Aaron Goldstein, Gambling911.com

Business/Financial News

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