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Will Bitcoin Drop During 2019 Super Bowl?

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The Super Bowl. In particular, sports fans are considering to bet on Bitcoin and whether it will rise or fall on that weekend.

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:

  1. Facebook’s refusal to support ICOs and cryptocurrency ads,
  2. Indian Ministers incorrect reporting
  3. Subpoenas against the two largest exchanges Bitfenix and Tether.
  4. 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.

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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