Outside of a small section of professional cryptocurrency traders and ardent enthusiasts, nobody envisaged that the 2021 cryptocurrency bull run would have been as propitious as it was. Out of the thousands of smaller cap tokens in the market, in any bull run, one or two inevitably increase by 200 or 300x. While some traders and investors like to speculate, nobody knows which coins will generate these enormous returns, but the possibility helps create excitement in the industry.
However, in the crypto bull run of 2021, some prominent tokens were increasing by 20 or 30x. For instance, in the summer of 2020, Ethereum (the second largest cryptocurrency) was less than $100 per coin – less than a year later, one Ethereum cost over $4,000. Again, nobody knows whether there’ll be similar returns or even if there’ll be another bull run. Still, if there is, cryptocurrency casinos could influence the market in many ways.
Many new companies are looking to enter the market with a new angle, given that traditional internet casinos are now a well-established and highly profitable market. In the vast majority of industries, you need to enter the market with some sort of unique selling point. Yes, casinos are highly profitable, but they are a dime a dozen now. For those companies who have set up traditional casinos and had the idea before a lot of their competition, they have reaped the rewards of getting in the door early. In a nutshell, this same mentality is fuelling the rise of cryptocurrency casinos.
Cryptocurrency casinos offer the same service as traditional casinos. You can play roulette, poker, blackjack, and other casino games; the only difference is the payment methods. For example, if you want to play blackjack, the layout of the game and the rules stay the same; it is just the payment method that differs. But their service is considered to be more seamless, with fewer issues and heightened security for all parties involved. Cryptocurrency blackjack tables are a great example; you can hit, stick or double down like a traditional casino but using your Bitcoin instead. The reason is that you only need some Bitcoin and a crypto wallet to get started. No transaction fees, card fees, or providing swathes of personal information; all you need to do is connect and play.
Throughout history, the rise of significant innovations is often underpinned by a correlation in how convenient the product is. The first affordable car shifted millions in America because it was convenient and affordable. Companies like Amazon in the 21st century used the internet to provide a suitable, cheaper, and affordable model with which people could get on board.
So long as a business is providing a highly convenient alternative that is cheaper and provides the same quality as a company they usually use, these are vital developments. More often than not, people will switch to save money and time. Although there are some other components to consider, it ultimately boils down to convenience, and cryptocurrency casinos provide ample amounts of this, even compared to traditional casinos.
Inevitably if there is another bull run, companies that utilize the positive aspects of cryptocurrency will benefit. Bull runs bring more people into the industry, especially retail traders, resulting in more news articles and money pouring in. The bigger question is whether there will be a bull run of the same size that we witnessed a few years ago, which was colossal.
With a much frostier and unclear regulatory climate in prominent world economies like the United States and a much more difficult economic situation for countries to navigate effectively, there are a lot of analysts who believe that even if a bull run does happen, it might not have the same trajectory as the previous one.
However, if we disregard these negatives, and a bull run does occur to a similar level, then cryptocurrency casinos will definitely see more action. Even at the minute, they’re growing their market share during a time when Bitcoin is struggling to stay above $30,000. Despite the positive price action in the first half of 2023, this is nothing compared to what we witnessed unfold in 2021.
If something similar happens, cryptocurrency casinos will be far better positioned to profit considerably. While there are negatives to consider, there are also positives to consider. Blackrock has applied for an ETF; if approved, the price of Bitcoin and other assets will soar. In 2024, the Bitcoin halving takes place, which bodes well for the price too. Historically, this has been one component that has propelled the price upward and acted as a catalyst alongside other positive variables.
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.