Crypto had a rough year in 2022. Bitcoin shed 60% of its value while coins like Terra Luna were wiped off the market entirely. Unsurprisingly, most crypto predictions for 2022 were well off the mark.
Tim Draper, the famous tech investor, had predicted a $250,000 price mark for bitcoin. Nexo’s CEO Antoni Trenchev thought BTC would hit $100,000. Both were wrong.
In the usual style, bitcoin’s plunge in 2022 impacted its adoption rate negatively. For example, most crypto casinos weren’t aggressive about promoting bitcoin. But things have chance.
Crypto is rising again. Experts are back with their predictions while bitcoin casinos have rolled out new bonuses. Most predictions suggest crypto gambling will explode this year. Learn more below.
Bitcoin May Have Bottomed Out
Not everyone is convinced bitcoin has bottomed out yet. Analysts at Standard Chartered believe BTC might drop to a low of $5000 before a new cycle starts. That being said, most analysts believe the BTC bottom took place last November.
And if Bitcoin has already bottomed out, the only direction it can follow in 2023 is up. How high will bitcoin go? The short answer is that it depends. According to Tip Draper, who was dead wrong with his 2022 projection, BTC will rise to $250,000 this year.
Carol Alexander, a finance profession at Sussex University, is predicting bitcoin to record a high of $50,000 this year. Carol had predicted BTC would go down to $10,000 last year. And it nearly did.
Antoni Trenchev of Nexo, who thought bitcoin would drop to $5000 in 2022, says he doesn’t want to estimate an exact figure this year. But he believes bitcoin could surprise everyone by either growing sharply or by struggling to perform.
Bitcoin Surges the Year Before a Halving
The bitcoin blockchain cuts the reward given to miners after every four years. For the uninitiated, miners receive a reward worth 6.5 bitcoins for verifying a block of transactions.
Next year, the reward will be halved to 3.25 BTC. Halving reduces bitcoin’s supply but increases its demand. Traditionally, bitcoin’s value surges the year before a halving. However, the price does not skyrocket until the halving process takes place.
In 2019, bitcoin’s value rose by 70%. After the halving in 2020, the market leader went up by 500%. If history repeats itself, bitcoin should experience a sharp rise in 2023.
The bull run typically gets the world speaking. It makes people want to get involved with crypto. And that could lead to a renewed interest in crypto casinos and other gambling websites.
Institutional investors pump billions of dollars into crypto. And when they do this, the crypto market escalates. Unfortunately, the opposite happens if institutions withdraw their money from the market.
Last year, several institutions showed an interest in crypto. But after the war in Ukraine broke, most companies sold their holdings, leading to the bear market. In 2023, institutional investors could get back into crypto again.
This is according to a survey by Fidelity, which surveyed more than 1000 institutions in the US, Europe and Asia last year. According to the poll, 74% of companies plan to increase their crypto portfolios.
Some investment companies avoided buying crypto when it got into a bear market. But now that it is showing signs of improvement, they’re likely to invest back in the market.
A different study by Coinbase indicates that institutions are investing in crypto for the long-term. The explanation is that more wealthy investors now understand the crypto market and its capability in changing the future.
Online Gambling is Rising
Online gambling has been growing in the past decade. In some places, the industry is billowing because local authorities have legalized the sector. In other regions, iGaming is on the rise because people have better access to casinos and sportsbooks.
In the US, states can now legalize sports betting and online casinos. This explains why there’s a high demand for crypto casinos in the country. In India, online gambling is not particularly legal.
However, people interested in playing slots and poker can use foreign casinos. For payments, they have options like bitcoin, Visa and PayPal. Crypto offers a few benefits over other means of payments. The people over at Bitcoinist.com recently published a complete guide and reviews for crypto gambling sites if you want to dig deeper on the topic.
For starters, crypto is borderless. You can use it to send and receive payments from any part of the world. It’s also safe, fast and reliable. To add icing on top, crypto attracts generous bonuses from gambling websites.
Social Media Influence
Social media plays a major role in the growth of crypto. Major networks like Facebook, Twitter and Instagram have more than three billion users. Many of these people get their news on social media and follow trends set by influencers and celebrities.
Owing to that backdrop, most people will buy bitcoin immediately it becomes a trending topic on Twitter. Or, they will dump it if their favorite influencer suggests crypto is on a downtrend.
So far, influencers have been pretty positive about bitcoin’s performance in 2023. In return, there’s a surge in the number of retail investors buying bitcoin. Usually, people buy the coins suggested to them by successful influencers.
Take Elon Musk as an example. When the billionaire said he was buying Doge in 2021, millions of his fans did the same. When he said that Tesla would stop accepting BTC payments, a lot of people sold their bitcoins.
In other words, what happens on social media impacts bitcoin’s value. And as mentioned, the present trends on TikTok and Twitter suggest there’s a growing interest in crypto. Of course, a high demand for crypto usually means a high demand for crypto casinos and other businesses that accept bitcoin.
2023: A Better Year Crypto Casinos
2022 was a bad year for crypto. There’s no sugarcoating that. However, history shows that bitcoin has never lost value for two consecutive years. If that’s the case in 2023, investors can expect a better year for bitcoin, crypto casinos and other industries related to crypto.