After Donald Trump was declared the second non-consecutive two-term President of the United States, Bitcoin smashed through its all-time high. Early Monday morning, it set a new high of $83,816, and some believe we could see a $100,000 Bitcoin in the next six months or sooner.
Crypto is clearly in the bull run phase of the current crypto cycle, and we are just starting to see the hype start up again. Over the next year, crypto will constantly be in the news as players try to FOMO their way back into crypto once again.
Online casinos were the earliest adopters of Bitcoin and cryptocurrency, and the new bull run will once again impact the online casino industry. Today, let’s examine how the crypto bull run will impact online casinos.
Key Highlights
- Bitcoin hit a new all-time high after Donald Trump won the 2024 US presidential election.
- Casinos are likely to add new popular memecoins like Bonk and Pepe.
- Crypto scams will be on the rise, including crypto casino scams.
Online Casino Transfers Could Slow Down
Crypto transfers are relatively quick, with many crediting to your account in about 15 minutes. However, when there is heavy blockchain congestion, these transfers can bog down and start to take hours or even days.
During the previous two crypto bull runs, transfers for Bitcoin and Ethereum slowed down dramatically during peak periods, with some transfers taking eight hours or longer. The same is likely to happen during the current bull run.
One way to avoid this issue is to deposit using alternative crypto options. Litecoin is a popular option at most online casinos and doesn’t tend to get as bogged down as other cryptos.
Other popular options include XRP and XLM. They both offer fast transaction times and low fees.
Online Casinos Will Add New Popular Cryptos
The rise of Bitcoin to new all-time highs will bring a new wave of media attention to cryptocurrency. While the majority of the focus will be on top cryptocurrencies like Bitcoin and Ethereum, lesser-known cryptos and memecoins will also start to gain focus.
If you remember the craze over Dogecoin and Shiba Inu in the last crypto cycle, there are memecoins this time around that are starting to gain notice. A couple of memecoins you will hear more about are Bonk and Pepe.
Both coins have a massive following in the crypto community and are the new Shib and Doge.
Within the next year, you will start seeing more casinos accept Bonk, Pepe, Sui, and whatever memcoins or secondary tokens capture players’ imagination during the current cycle.
Online casinos are savvy and will start accepting deposits in the latest hyped coins to attract the attention of casual fans and dedicated memecoin fans.
Within the next year, you will start seeing more casinos accept Bonk, Pepe, Sui, and whatever memecoins or secondary tokens capture players’ imagination during the current cycle.
New Crypto Scams Will Rise – Including Gambling Scams
Anytime there is a rise in crypto traffic and awareness, we see an increase in cryptocurrency-related scams. The majority of scams target people looking for a get-rich-quick scheme.
These scams range from “hot investments” for crypto to people trying to “give you free coins” if you connect your wallet to their platform. This is also a time when rogue casinos, particularly crypto-only online casinos, start to pop up.
You’ll see these casinos put a heavy focus on “decentralized gambling” or “no KYC gambling.” Legitimate online casinos will require that you undergo some form of KYC (know your customer) to verify that you’re a real person and playing in a legal country.
Now is the time to be extra cautious when playing at crypto casinos. If the casino is newer and exhibits any red flags, don’t play there.
Casinos Will Offer New Crypto Promotions
When Bitcoin and crypto start pumping, you’ll see online casinos start updating their crypto promotions.
I know what you’re thinking. Why would anyone use crypto for gaming when they’re trying to make money with it?
For starters, many people see gambling as an easy way to try and pump up their Bitcoin earnings. They’re hoping to get lucky and quickly turn their $100 in Bitcoin to $200 or more.
Also, you don’t have to use crypto you already own to deposit. Many sites offer crypto payment services like Coinspaid, where you can buy crypto and use it for online gambling. That is one way to try and “grow your Bitcoin” without using your initial investment.
Sources
https://coinmarketcap.com/currencies/bitcoin/
https://www.betus.com.pa/help/cryptocurrency-classroom/which-cryptocurrency-to-gamble-with/
https://bravenewcoin.com/insights/top-5-meme-coins-set-for-explosive-gains-dont-miss-out
