Cryptocurrency is becoming more mainstream with Bitcoin still at the forefront. It’s become so mainstream that even sports fans are taking note of it and use cryptocurrency to bet on different sporting events including one of the biggest sports of the year: the Super Bowl. In particular, sports fans are considering to bet on Bitcoin and whether it will rise or fall on that weekend. Let’s take a look a short look at Bitcoin’s historical performance and why betting on Super Bowl 2019 weekend may be the next hot thing to do.
Bitcoin’s Crash in Early 2018
Recall, that the year 2017 saw quite a few coins gaining ground along with the price. The most notable increase is Bitcoin reaching a price of $17,783,06 on December 17, 2017. For many Bitcoin evangelists and supporters, this was seen as a significant step forward for the cryptocurrency. To understand why they would feel this way, remember that Bitcoin has been the leader in the cryptocurrency market since its introduction as the first cryptocurrency in 2009.
As a part of this huge price spike, a buying frenzy ensued with just about everyone wanting to get involved with Bitcoin. Unfortunately, this frenzy and the upward trend didn’t continue in 2018. Within one month into 2018, the currency lost about $80 million in market cap. Oddly enough this happened right around the Super Bowl. It’s quite a coincidence, but let’s talk more about that in a moment. For now, let’s focus on what were the leading factors causing this rapid drop off.
We must always take into account that digital currencies are volatile. Bearing that in mind, other factors that would contribute to this decline are:
- Facebook’s refusal to support ICOs and cryptocurrency ads,
- Indian Ministers incorrect reporting
- Subpoenas against the two largest exchanges Bitfenix and Tether.
- US Bank’s refusal to support Bitcoin in February 2018
Of all of these four potential factors, the US Banks’ refusal is probably the most significant of them. The reason being the US Banks’ refusal significant is that this occurred over the Super Bowl 2018 weekend. As a result of this news, the price fell more than $2,000. That’s quite a sharp drop off in 2 days. Such a sharp drop seems to suggest there is a potential correlation between the Super Bowl weekend and the Bitcoin price.
Bitcoin’s performance during 2018
After this significant sell-off during the first part of 2018, the price seemed to stabilize at around $6,400 during fall 2018. At the same time, Ripple (XRP) and Ether gained substantially and battled to become the world’s second largest cryptocurrency. This means that at these currencies were growing; Bitcoin remained relatively stagnant. The price stabilization during Fall 2018 still gives some Bitcoin investors about the future growth and health of the currency. They are still interested in holding on their coin.
What about Bitcoin’s fate during Super Bowl 2019?
There is a common sentiment that Bitcoin stands to lose during the 2019 Super Bowl. Recall that news of the US Banks’ refusal to work with Bitcoin came out during the Super Bowl weekend. That doesn’t bode well for cryptocurrency holders when they are thinking about using cryptocurrency to buy their Super Bowl tickets.
Now if we fast forward to 2019, there is a similar sentiment that Bitcoin will fall during the Super Bowl weekend. Two reasons may be as follows: past performance is an indicator for the future as well as an exciting trend showing Sundays as the best times to trade cryptocurrency. In case of curiosity, this Sunday trend came to light after nearly a decade of trading.
What does all this mean for sports betters?
The easy answer is that betters have an opportunity to not only bet on their favorite team winning the Super Bowl but also on whether Bitcoin will fall on Super Bowl weekend. It’s a chance to double down and earn twice as much coin. Let’s take a step further for one moment.
In general, the 2018 cryptocurrency has been somewhat bearish. As we’ve noted, Bitcoin has not done particularly well. And, the altcoins haven’t done particularly well either with Ethereum dropping more than 90%. This means that betting on Bitcoin on online sportsbooks like 1xBit provides a solution to increase the value of a player’s cryptocurrency with a reasonably good chance to do it.
Sports betting will always be there. But, now there is an added opportunity. As sports betting revolutionizing to a more online, digital environment, one can capitalize on this opportunity with adding the dimension of betting on Bitcoin. And, the chances of winning seem to be favorable for Super Bowl 2019.