Will gambling be bitcoin’s last hope after Chinese crash?
Thursday, 9th of February, can certainly be treated as the black day for the whole bitcoin industry. Until this day, bitcoin had been gaining momentum and its price nearly reached the all time highest. For quite a few days BTC/USD rate has been kept at the mark above $1000 per coin, however, after at least two Chinese exchanged announced the block of the withdrawals, the price has starting to soar quickly. Within just a few hours, it decline to around $950 per coin, which is roughly a 10% slump. Even though the news are quite negative, the only positive thing about it is that the occurrence of this event has nothing to do with the operational reasons.
A day before the withdrawals were blocked, the exchanged held a meeting with the representatives of the People’s Bank of China. Hence, the reason behind the block is, roughly, political. Considering the fact that the largest share of the bitcoin transactions actually came out of China, such news will not have any positive impact on the BTC/USD exchange rate.
Still, there is something to look forward to. And this is the bitcoin gambling regulation. As Norskecasino.casino informs, most of the bitcoin transactions outside of the Asian countries are performed for the gambling reasons. And for years the whole industry used to be in the gray area. However, some significant changes took place last year. The gambling regulators of both the UK and the Isle of Man have stated that they see all of the cryptocurrencies as an equivalent to fiat money. Hence, any regulated online casino may accept bitcoin deposits, grant bitcoin withdrawals, and even keep the gaming account balanced in the BTCs. Apart from that, any bitcoin casino may now apply for the license with a regulator of its choice. This brings the whole bitcoin gambling industry in the white area and may result in a higher demand for the cryptocurrencies in Europe.
Even though the effects of the Chinese crash will not be forgotten soon, the gambling industry growth will certainly make this hit a little bit software over the short-term period, and may fuel-up the potential growth of the cryptocurrencies over the long run.
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