Gambling industry avoids Bitcoin firestorm
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Gambling industry has been slow to adopt cryptocurrency. Bitcoin has lost 77% of its value since its peak in November 2021. FTX's bankruptcy filing and possible scandal vindicates the regulated gambling industry's concerns about widespread adoption.
After a six-month hot streak, Bitcoin hit $60,000 in April 2021. The price quickly fell to $30,00, but by November it reached $ 60, 000 again. Since then, the price has fluctuated between $16,500 and $17,600.
Bitcoin's current problems are likely to slow its adoption in the U.S. online gambling space. Bitcoin has made some inroads at land-based casinos, with kiosks, crypto ATMs and third-party payment processors. Wyoming passed a law that would pave the way for operators to accept cryptocurrency.
Gambling industry avoids Bitcoin firestorm. The acceptance of cryptocurrency is a key differentiator between regulated and unregulated sites. Cryptocurrencies have a lot of work to do to make inroads in the regulated gambling industry. The main selling point of crypto is it’s decentralized. It's a no-go in regulated casinos. Unregulated casinos use decentralization and anonymity as a selling points.
