..

Brietbart: Rampant Growth of Bitcoin Deposits in Online Sportsbooks

Written by:
Guest
Published on:
May/24/2017

Chris DeRose, an expert in the bitcoin field and writer for the Brietbart website, says that the anonymous digital currency now represents at least half of the deposits and withdrawals taking place at most North American facing online sportsbooks and casinos as well as in other world jurisdictions where payment processing is difficult.

BetOnline

Underreported in the headlines is the rampant growth of bitcoin deposits in online sports book and online casino gambling, he notes.

In fact, most of these sites now require their affiliate partners to set up Bitcoin accounts for withdrawal of funds.

The price of Bitcoin has shot through the roof since the start of this year, reaching the $2000 mark for the first time.  Prices for a single bitcoin currently exceeding the all-time high price for an ounce of gold.

Most of the new buy-ins would appear to come from Japanese exchanges. Asian speculator demand has led bitcoin growth in recent years, DeRose writes.

So what’s behind the fervor?

Possibly “political chaos”, but DeRose questions this notion.

Popular news outfits such as CNBC have taken a sharp deviation from prior characterizations of Bitcoin as an absurdist investment and are instead depicting the asset as a mechanism to hedge against “political chaos” in the U.S. stock market. The evidence for such uptake amongst U.S. investors is weak, but it does appear that Bitcoin’s performance has been decoupled from most major economic indicators. As such, bitcoin may very well represent a viable asset class to new investors for the purpose of risk diversification.

Barring any major developments, bitcoin’s dramatic ride is likely to continue.  DeRose points to an increase in speculators purchasing of so-called “ICOs” and “alts”, a new blockchain “stock market” that he describes as “unregulated and growing fast”.

In the meantime, the last of the big North American-facing online sportsbooks, The Greek (Olympic Sports), finally implemented its bitcoin platform late last month while other sites such as BetOnline have delve into the world of litecoin.

Bitcoin-only books and casinos still represent a degree of risk in the sector with well-entrenched DirectBet abruptly shutting down this week.

- Aaron Goldstein, Gambling911.com

Business/Financial News

Bitcoin Slumps 10% as Pullback From Record High Gathers Pace

Bitcoin Slumps 10% as Pullback From Record High Gathers Pace

Bitcoin slumped 10% on Thursday to a 10-day low, retreating further from record highs, with traders citing fears of tighter U.S. regulation.

Bitcoin Hits One-Week Low as Rising U.S. Yields Dent Rally

Bitcoin Hits One-Week Low as Rising U.S. Yields Dent Rally

Cryptocurrencies plunged on Monday, with bitcoin dropping more than 12% to a one-week low

Bitcoin Hits $38,000 for First Time, Pushing Cryptocurrency Market Value Past $1 Trillion

Bitcoin Hits $40,000 for First Time, Pushing Cryptocurrency Market Value Past $1 Trillion

Bitcoin smashed through $38,000 to hit a new record high on Thursday as the cryptocurrency’s massive rally continues, then the $39,000 mark just prior to 11 am ET, and by afternoon the price peaked at $40376.

PayPal Backs Crypto Tax Startup Taxbit

PayPal Backs Crypto Tax Startup Taxbit

PayPal Holdings Inc’s venture arm has made an investment in Salt Lake City, Utah-based tech startup Taxbit, which helps consumers and businesses calculate the taxes owed on cryptocurrency holdings, the companies said on Thursday.

Bitcoin Crosses $30K Mark First Time Ever

Bitcoin Crosses $30K Mark First Time Ever

Digital currency Bitcoin extended its record smashing rally on Saturday, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method.

Syndicate