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Banking Exec Believes Bitcoin Will Trade at $318,000 by 2021
By Shane Addinall Nov 18, 2020 IndustryBitcoin is virtual gold according to banking exec Tom Fitzpatrick, and will see a massive price influx within the next few months. But what will this influx mean for crypto gambling around the world?Cryptocurrency has become a worldwide phenomenon with Bitcoin leading the way.
What started as something strange, unfamiliar, and even frowned upon has now been dubbed the 21st Century Gold by Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick.
Fitzpatrick has even expressed his belief that Bitcoin will peak at $318,000 by the end of 2021.
Similar Patterns in the Past
According to Fitzpatrick, the predictions are based on similar trends seen in the trajectory of the gold current back in the 1970s.
Gold traded at $20 to $35 for about 50 years before structural changes were implemented. It was these changes that led to the surge in pricing and in August this year, it reached an all-time high. Gold now trades for just under $1,900 an ounce.
The belief is that Bitcoin will see a similar influx especially with the current state of the world’s economy. This leads to governments printing more money to attend to the current crisis, which benefits gold prices.
However, Fitzpatrick stated that where gold has various restrictions (including storage, portability and being a bit ‘outdated’), Bitcoin is relevant and of the new age. As such, Bitcoin can easily be considered the new gold.
Key attributes of the cryptocurrency include there being opaque ownership, it’s easy to move across borders, and the supply. Currently, the currency is not heavily regulated but as Fitzpatrick has also noted it will be subject to heavier regulatory constraints within the future.
That being said, one of the biggest benefits of Bitcoin and Bitcoin-trading is that it cannot be confiscated which makes it even more of an asset among traders.
The Impact on Bitcoin Gambling
The current pandemic has led to many land-based casinos closing down for a lockdown period. This is due to safety precautions, leaving many gamblers with no choice but to shift to online casinos.
Statistics have shown that there has been a large spike in revenue at online casinos around the world. While land-based casinos are suffering a major loss, the online gambling trend has quickly grown more than ever before.
The online casino industry is a universe on its own where players can choose between gambling in fiat or cryptocurrency. And while there are many opting for traditional payment options, Bitcoin gambling sites have also benefited largely from the lockdown periods.
According to sources, the popular crypto gambling website, Bling, has experienced a 50% increase in users during the month of March. It peaked at 70,000 users per day and 400,000 users per month. This in itself is an impressive figure set for a Bitcoin gambling site.
As with any online casino, bitcoin casinos are focused not only on getting new visitors but keeping current players.
Thanks to blockchain technology, they have plenty to offer current members which include provably fair games and anonymous transactions. The latter being a much sought-after feature among gamblers worldwide.
cryptocurrencies such as Bitcoin are also providing more secure gaming opportunities and exciting bonus promotions.
The crypto casino trend isn’t going anywhere and as the price of cryptocurrency is predicted to increase, it’s also safe to predict an influx in crypto casinos and player interest with new and innovative crypto casinos launching.
Explore the world of crypto gambling at any of GamblersPick’s recommended crypto casinos today!
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