In 2024, Bitcoin and crypto are surging and becoming more and more mainstream. Bitcoin skeptics and perennial fence-sitters are now either biting their tongue or actively investing in some form of digital currency.
We could very well be on the cusp of an explosive year for Bitcoin and crypto; a year that marks the start of a revolutionary paradigm shift in both culture and technology. But some would argue that we’re already there as more people are currently using digital currencies than ever before.
How People Use Crypto Today:
Cryptocurrencies provide a decentralized and borderless means of making transactions. Transactions are executed anonymously and in real-time, automating compliance and making reporting faster. People today are using crypto to:
- Tip their favorite creators directly, anonymously, and right away.
- Invest in crypto as a store of value, either to sell for profit or as a hedge against inflation and economic uncertainties.
- Lend, borrow, and trade on decentralized financial systems.
- Raise capital through ICOs (Initial Coin Offerings), where new projects sell their native tokens to fund development.
- Make in-game purchases, often through the use of non-fungible tokens (NFTs).
- Shop online to buy all sorts of goods and services.
- Earn passive income through staking, lending, and mining.
- Engage in crypto gambling online: wagering money anonymously and cashing out instantly.
Wait a Minute, Didn’t the Crypto Market Take a Hit in 2023?
Yes, it did. In 2023, the cryptocurrency market faced challenges as global regulators took stricter measures on digital assets. Binance, the world’s largest crypto exchange, agreed to pay a massive four billion U.S. dollars as a settlement with U.S. agencies in November 2023. Despite this, crypto prices went up in the following weeks.
Bitcoin, in particular, reached its highest value of the entire year in December of 2023, going beyond $42,000. This late surge also boosted the overall cryptocurrency market cap, bringing it back to a level similar to before the major crypto issues in 2022, such as the crashes of LUNA and FTX.
So, far from the world losing faith, Bitcoin and crypto emerged stronger and more resilient from this so-called crisis.
Why Will 2024 Be an Exciting Year for Bitcoin?
A significant event for Bitcoin is on the horizon in 2024.
Bitcoin is designed to have a limited supply. Every four years, as part of Bitcoin’s design, the mining rewards for creating new coins get halved, ensuring control over the Bitcoin supply. The previous halvings, occurring in November 2012, July 2016, and May 2020, added value to the cryptocurrency, and the upcoming halving is anticipated to have a similar impact. The next Bitcoin halving is expected to happen in April 2024. Bitcoin has a limited supply, and by late 2023, about 93 percent of this maximum supply had been reached.
In addition, for the first time ever, ETFs (Exchange Traded Funds) backed by Bitcoin are on the verge of being green-lighted in the US. This is huge and could be a catalyst for even greater adoption of crypto by mainstream investors and society in general.
How Investors are Reacting to Bitcoin’s Surge
At the tail end of 2023, renowned billionaire hedge fund manager Stanley Druckenmiller, stated: “I don’t own any Bitcoin but I should”. He then went on to compare Bitcoin to gold, stating that as central banks continue to tighten restrictions and lose trust amongst the public, Bitcoin could have a renaissance moment. As he put it: “I’m 70 years old, I own gold. I was surprised that bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with”.
And he’s not alone. Ray Dalio, an American billionaire investor and hedge fund manager, is now among the ranks of the countless influential financial figures who own Bitcoin.
In a survey conducted by Bitwise, it was found that the percentage of financial advisors allocating to crypto in customer accounts has seen consistent percentage increases every year for the past four years. Rising from 4% in 2018 to 6% in 2019, 9% in 2020, 16% in 2021, 22% in 2022, to a whopping 47% in 2023. This is huge because advisors control the majority of household wealth in America—some $5 trillion to $20 trillion.
Financial advisors clearly feel strongly about the future of crypto – and we have all the reason to expect that to continue in 2024.
A Case for Crypto Casinos
Online crypto casinos have been developing in lockstep with digital currencies for years. Crypto gaming provides one of the best online gambling experiences – rivaling traditional casinos and sportsbooks both online and land-based.
Casinos are able to create their own ecosystems using their own native tokens, or simply utilize the advantages of crypto to deliver unparalleled gaming. Advantages include low fees, anonymity, faster payouts, higher maximum transactions, improved security, portability, and rewards.
Digital currencies such as Bitcoin, Ethereum, Litecoin, and Tether seamlessly facilitate swift and secure value transfers. This aligns seamlessly with a primary objective of online casinos, enabling rapid and global transactions without geographical and circumventing the restrictions of banking.
The future is bright for online crypto betting.