Bitcoin
Best Crypto Casino sites & Bitcoin Casinos in 2024
Crypto casino sites are internet-based gambling websites that utilize cryptocurrencies including Bitcoin for casino deposits and withdrawals and placing bets. These crypto casino sites have gained significant popularity among online casino enthusiasts because of their generous bonuses, convenient mobile gaming options and prompt payout systems. Our top casino TG.Casino is one of them. The increasing demand for crypto casino sites has led to a proliferation of new crypto casino sites over the last couple of years, making it a necessary service for us to assess, evaluate, and rate the best crypto casino sites.
Top 10 Bitcoin Casinos Ranked
Our team has done exhaustive research of the best crypto casino sites and selected the best Bitcoin casinos listed below:
-
TG.Casino – Best Crypto Casino Site Overall
-
Lucky Block – Top Casino For Cryptocurrencies
-
Wall Street Memes – Best Casino With The Most Appealing Interface
-
Mega Dice – Top Crypto Casino For High Rollers
-
BC.Game – Best Choice For Sports Betting
-
Betpanda – Top Casino for Weekly Cashbacks Rewards
-
Wild.io – Best Crypto Casino With a Loyalty Program
-
Cryptorino – Top Choice With Excellent Bonuses and Promotions
-
Metaspins – Best Crypto Casino With Generous Welcome Bonus
-
Vave – Top Crypto Casino For Casino Games
1. TG.Casino – Best Crypto Casino Site Overall
Highlights:
TG Casino is our top ranked crypto casino for 2024. TG.Casino has it all. The platform supports over 11 cryptocurrencies, ensuring rapid deposits and withdrawals. New players can claim a bonus of up to 10 ETH: great deal! In addition, TG.Casino features its unique token ($TGC), enabling users to engage in staking activities.
When it comes to casino gaming, TG.Casino may not have the biggest collection, but it certainly delivers in terms of quality. It offers a wide variety of casino game types, including table games, slots, live games, and more.
In addition, TG.Casino provides Telegram integration, a comprehensive online sportsbook, and easy access to the casino via mobile. Moreover, all crypto transactions are free of fees and processed swiftly. Overall, TG.Casino offers a comprehensive package and deserves a spot on your list of considerations.
Welcome BonusPros:
-
Telegram integration & community
-
Presents its own $TGC token
-
Fee-less crypto transactions
Cons:
2. Lucky Block – Top Casino For Cryptocurrencies
Highlights:
Story continues
Lucky Block is our second best Bitcoin casino, boasting an impressive welcome offer of a 200% bonus up to EUR 25,000 + 50 Free Spins. In addition, players can enjoy a $200 weekly reload offer and weekly bonus spins. Despite being relatively new, this crypto casino has quickly made a name for itself .
One of Lucky Block’s standout features is its extensive game selection of more than 4,000 slots like Book of Dead, crash games such as Plinko, and live dealer tables. With popular providers like Novomatic, Evolution, and Play’n GO supplying Lucky Block with its game library, you can rest assured that you’ll find your favorite and high quality new Provably Fair games alike. For those not interested in casino games, Lucky Block also offers access to its sportsbook, featuring more than 35 different sports betting markets.
Plus, Lucky Block provides instant gambling through Telegram. There are almost 12 different cryptocurrencies accepted by the casino along with fiat payment methods. Lucky Block prides itself on being one of the top instant withdrawal Bitcoin casinos, with no fees or limits on deposits and withdrawals. This is a great choice to start gambling.
Welcome Bonus
Pros:
Cons:
3. Wall Street Memes – Best Casino With The Most Appealing Interface
Highlights:
Wall Street Memes Casino, which was established in 2023, is one of the newest high quality crypto casinos. Offering more than 5,000 games, the selection includes popular slots like Wild Coyote, Immortal Romance, and Queen of Alexandra, as well as live table games such as roulette and blackjack. WSM Casino also has a sportsbook for pre-match and in-play betting on various sports, catering to a diverse range of players.
Operating with a Curaçao license, WSM Casino offers its players valuable benefits such as fast withdrawals, no KYC registrations, a loyalty program with 11 tiers and a 200% match deposit bonus up to $25,000 with 10 bonus spins for new members.
This crypto casino accepts various cryptocurrencies, including Bitcoin, Dogecoin, Ethereum, and more.WSM Casino also has its own cryptocurrency that you can buy! Players can maintain anonymity by only providing an email address for account creation, and withdrawals are automatically approved for quick access to winnings.
Welcome BonusPros:
Cons:
4. Mega Dice – Top Crypto Casino For High Rollers
Highlights:
Mega Dice is one of the bitcoin casinos that we recommend. It offers a quick, easy sign-up process and it presents thousands of casino games, including 500+ live games alone.
The casino also offers a wide variety of over 25 cryptocurrencies, making it one of the best options among other leading crypto casinos. This selection ensures that you are likely to find a crypto banking option that suits your needs. Furthermore, deposits and withdrawals are swift, providing an extra advantage to players at Mega Dice.
In terms of gaming, the casino shows a collection of 5,000+ games, including an impressive live casino selection. While the majority of the library consists of online slots, there are also options such as blackjack, roulette, craps, various poker games, specialty games, and more.
Mega Dice is also recognized for its rewarding incentives for both new and existing players. Newcomers have the opportunity to earn up to 1 BTC with their initial deposit, presenting a potentially lucrative reward.
Welcome Bonus
Pros:
-
25+ cryptocurrencies available
-
Great welcome bonus (up to 1 BTC)
-
It presents lots of games like crash games, live casino, and sportsbook
-
Weekly bonuses, including cashback rewards
Cons:
5. BC.Game: Best Choice For Sports Betting
Highlights:
BC.Game is a well-established Bitcoin casino that has been in operation since 2017, making it one of the most reputable sites in the industry. This crypto casino has an extensive support for cryptocurrencies, supporting over 150 coins alongside traditional fiat payments, a feature that distinguishes it from many other crypto casinos that typically support fewer coins.
This crypto casino site is renowned for its generous bonuses and unique promotions, such as the Bet & Win challenge on Evolution Gaming live baccarat tables, featuring a substantial $1,200,000 prize pool. In addition, the platform offers a diverse selection of slot games, including popular titles, and exclusive Crash-style games that are not available elsewhere.
However, it’s important to note that BC.Game is not a KYC-free casino, meaning that players are required to provide identification when signing up to play for real money.
Welcome Bonus
Pros:
Cons:
6. Betpanda – Top Casino for Weekly Cashbacks Rewards
Highlights:
BetPanda’s main selling point is its cashback rewards: 10% cashback on all your losses each week.
This crypto casino offers its new customers a welcome bonus of a 100% matched bonus up to 1 BTC.
BetPanda’s casino game selection is huge. There are many popular slots and live games from Booming Games, Evolution, and Pragmatic Play fill its library and offer a variety of options, including high-stakes, Megaways slots and a diverse range of crash games.
BetPanda also has a VIP program, which makes it an excellent choice to start gambling. In this VIP program you have access to excellent promotions and rewards, so it is really worth the try. In addition, all of the transactions that you do in this casino are anonymous, and the speed of the transaction is really fast.
Welcome Bonus
Pros:
Cons:
7. Wild.io – Best Crypto Casino With a Loyalty Program
Highlights:
Wild.io sets itself apart from other Bitcoin casinos with its exceptionally generous VIP rewards program for loyal players. Featuring 20 tiers of progression, the highest level offers a remarkable 35% deposit match on ALL deposits and 7.5% daily cashback—an unmatched offering in the crypto world. Yet, new players are also greeted warmly, with first deposits earning a 120% bonus up to $5,000 along with 75 free spins.
Featuring a diverse range of thrilling games, from slots to live tables, Wild.io provides an immersive gaming experience. However, it’s worth noting that some popular titles such as Plinko and Aviator are absent. The casino also accepts 10 different cryptocurrencies and boasts swift withdrawal processing, typically completed within 5 minutes.
Welcome Bonus
Pros:
-
It presents an excellent loyalty program
-
Welcome bonus of 120% up to $5,000
-
Regular slot tournaments
Cons:
8. Cryptorino – Top Choice With Excellent Bonuses and Promotions
Highlights:
Cryptorino Casino, the eighth crypto casino on our list, presents a generous welcome package comprising a 100% bonus plus 50 free spins. Operating under Star Bright Media S.R.L. in Costa Rica, this platform has secured all necessary licenses. It collaborates with reputable gaming providers and prioritizes website security.
In addition to its wide array of casino games, Cryptorino Casino facilitates easy account registration, offers a variety of payment options, and ensures complete user anonymity. Crypto enthusiasts can promptly engage in gaming activities as the platform accepts major digital currencies.
Nevertheless, it already stands out as one of the premier destinations for players seeking anonymity, catering to individuals of all skill levels.
Welcome Bonus
Pros:
-
Easy registration
-
Great welcome bonus
-
Security guaranteed
Cons:
9. Metaspins – Best Crypto Casino With Generous Welcome Bonus
Highlights:
Metaspins is an exemplary Bitcoin casino, designed specifically for cryptocurrency users. Providing quick withdrawals and having a strong reputation, Metaspins provides an interface with multiple languages, making it a great casino for different locations.
When it comes to payment methods, Metaspins accepts a wide variety of cryptocurrencies, but it requires a minimum deposit of 0.0001 BTC. Regarding the speed of the transactions, withdrawals are processed very fast: within an hour. And in addition, we want to remark that customer support is available 24/7 through live chat, and they are very helpful and willing to solve any issue you may have on the bitcoin casino.
Metaspins offers joy and fun when we talk about its gaming library. It has a great and wide array of games of over 2,000 games, including slots and table games. IT also presents a live casino gaming section, so players who like that kind of rush will be very comfortable. We also found that this crypto casino does not have several tools for responsible gaming, so we see that this is a weak place if we compare it with its competitors.
Welcome Bonus
Pros:
-
Customer support is available 24/7 through live chat
-
Fast withdrawals and deposits
-
Wide selection of games of 2,000 titles
Cons:
10. Vave – Top Crypto Casino For Casino Games
Highlights:
Vave Casino is a popular Bitcoin casino which offers extensive language support, wide game collection, and diverse payment options, particularly for cryptocurrency enthusiasts. The casino proudly provides over 6,000 games from top software providers, and a sportsbook which also tracks a fair number of Esports events.
Vave offers distinct welcome bonuses for both its crypto casino and crypto sportsbook, in addition to weekly reload bonuses and free spins for Bitcoin users. Vave Casino supports eight cryptocurrencies and also traditional options like credit cards and e-wallets, with no additional fees. The user-friendly interface enhances the overall experience, and the non-KYC account setup prioritizes anonymity.
Holding a license of Curacao, Vave Casino places a strong emphasis on player safety, employing robust security measures such as 2FA and SSL encryption. Although this crypto casino lacks a dedicated mobile app, its website is so well-designed that one isn’t necessary. Vave’s website is fully mobile-responsive, offering seamless access to the online casino and enabling easy withdrawals for players on the move.
Welcome Bonus
Pros:
-
Fast payments with no fees
-
It offers different welcome bonus for sports and for casino games
-
Customer support is available 24/7 and it provides help in multiple language
Cons:
Pros and Cons of Crypto Casino Sites
If you are still uncertain about the unique offerings of crypto casinos compared to conventional online casinos, here’s a brief overview highlighting the advantages and disadvantages of best crypto casino sites in comparison to traditional ones:
Pros of Crypto Casino Sites
-
They have low or no fees at all, comparing to traditional payment methods
-
All of the crypto casinos are encrypted so the information is safeguarded
-
You can access crypto casinos with almost no locations restricted
-
They usually present VIP and loyalty programs with rewards for players
-
Payouts speed are faster than with other payment methods
-
You do not need conversions for cryptocurrencies, so it is easier
Cons of Crypto Casino Sites
-
Cryptocurrency prices are volatile, so what you earn may go up and down according to the prices movement
-
Crypto transactions are not regulated so it is a gray area
-
The transactions with cryptocurrencies are irreversible
Why Play at Crypto Casino Sites?
Large Bonuses and Promotions
Cryptocurrency casino bonuses have a unique feature absent in fiat bonuses: the potential for value appreciation. A crypto match bonus disbursed in BTC has the ability to increase in worth within your casino account, potentially resulting in a larger sum available for gaming purposes.
Anonymous Features
Numerous crypto casino enthusiasts opt for these platforms over traditional ones due to their high levels of anonymity and decentralization. But, certain sites still implement Know Your Customer (KYC) procedures. To avoid those requirements, players can use Telegram casinos, enabling instant and anonymous gameplay.
Fees and Limits
Numerous crypto casino sites support more than 150 various cryptocurrencies. It’s advisable to ensure that your preferred digital currencies are supported prior to registering. The best crypto casino sites also provide unlimited withdrawal options, allowing players to cash out any desired amount at their convenience.
Fast Payments & Withdrawal Times
The majority of online crypto casino sites offer multiple methods for swift deposit and withdrawal transactions. We’ve reviewed in an exhaustive way numerous of the best crypto casino sites applications and websites, finding that most provide instant processing for both deposits and withdrawals.
Tips for Choosing the Best Crypto Casino Sites
What important points should you prioritize when choosing the best crypto casino sites? Drawing from years of experience assessing various Bitcoin casinos, we’ve compiled a set of expert recommendations. Here are the key factors we consistently pay close attention to:
Locations Restricted
You might have come across several crypto casino sites that require a VPN for access. However, Telegram casinos completely sidestep this issue since they can be accessed from any location where the Telegram app is available.
VIP and Loyalty Programs
VIP and loyalty programs are a staple for high rollers in online casinos. The crypto casinos listed here are no exception, offering personalized rewards and services tailored to match player preferences and gaming patterns, often including perks like weekly bonuses, instant withdrawals, and exclusive trips to events and tournaments.
Gaming Library
Our research of the best crypto casino sites presents a variety of great games, including slots, blackjack, roulette, live dealer games, and video poker, reminiscent of those found in brick-and-mortar casinos. In addition, popular Crash casino games like Plinko and Aviator are featured. Besides, many sites provide sports betting options to further enhance the gaming experience.
Trustworth and Security
The security of cryptocurrency transactions is crucial as it enables players to have confidence in entrusting their payment details and assets to an online crypto casino platform. We have selected provably fair casinos that prioritize security as their foremost concern.
The Most Popular Cryptocurrencies to Use for Deposits and Withdrawals In Crypto Casino Sites
Transactions such as deposits and withdrawals at crypto casino sites are smooth and direct, so it is a very good choice for gambling if you want to take a step aside from the traditional payment methods. All of the crypto casinos mentioned in this article provide a variety of cryptocurrency options beyond just Bitcoin, because other cryptocurrencies are equally prevalent and accessible. So, you will discover multiple options for deposits and withdrawals at leading crypto casino sites. The best part of these casinos is that the processing fees are minimal or nonexistent, and transactions are rapid. Below you will find a brief list of the most used cryptocurrencies:
-
Bitcoin (BTC)
-
Ethereum (ETH)
-
Litecoin (LTC)
-
Dogecoin (DOGE)
-
Ripple (XRP)
-
Tron (TRX)
-
Bitcoin Cash (BCH)
-
Tether (USDT)
How to Sign Up for Crypto Casino Sites
Let’s guide you through the process of getting started with a crypto casino site, even if you’re new to cryptocurrency gambling. Here’s a straightforward guide to kick off your adventure, focusing on our top recommendation, TG Casino.
Step 1: Choose a Crypto Casino From Our List
Look at our list at the top of the article and choose the crypto casino that you like the most. Look for it in your browser or click any of the links of this article.
Step 2: Acquire Bitcoins
If we are talking about a crypto casino, you definitely should get your own cryptocurrencies like Bitcoin. You can do this transaction directly at the casinos or you can do that before signing up to a crypto casino, in other platforms that exchange money.
Step 3: Sign up with Your Chosen Crypto Casino
Once you have a wallet with a significant amount of Bitcoin, you are ready to play with it. Visit the Crypto casino that you chose and proceed to register yourself a player’s account there. Typically, this simply requires you to complete a registration from and perhaps verify your email address as well.
Step 4: Deposit and Start Gambling!
Lastly, transfer your Bitcoin from your crypto wallet into your casino account. Once your account is topped up, you’re ready to check out the games offered by the casino and begin playing.
How To Gamble Responsibly at Crypto Casino Sites
Online gambling can be a fun activity to do, but it’s important to remain vigilant as it can easily turn into a problematic hobby if you’re not self-aware. To help you gamble responsibly at crypto casinos, here are some key considerations to keep in mind. Essentially, it’s crucial that you recognize the risks involved and familiarize yourself with the signs of a gambling problem before it develops.
Set a Budget And Stick With It
First and most important, it’s crucial to set a strict budget for each gambling session. Ensure that you only gamble with money you can afford to lose, and that losing this amount won’t cause any financial harm.
Do not Borrow Money or Credit for Gambling
Another important guideline for responsible gambling is to avoid borrowing money to finance your gambling activities. Losing borrowed funds not only leaves you without the money but also creates a debt that needs to be repaid, potentially leading to further gambling in an attempt to recover losses. And also owing money to creditors or other entities can result in additional financial strain due to interest rates and associated stress.
Use Tools to Limit Your Gambling Time
Think about establishing a time management plan to control how much time you spend gambling. For example, allocate specific times in your day for entertainment, including gambling, condition your gambling on meeting certain work-related or personal milestones, or consider using third-party apps that can temporarily block internet access to prevent online gambling. Each of these strategies serves as a tool to help prevent the development of a gambling problem. To know more information regarding gambling management tools being used in some countries check out bestcasinosnotongamstop.com.
Look For Support When Needed
Finally, if you find that your gambling behavior is becoming uncontrollable, it’s important to seek help right away. Programs like Gambler’s Anonymous are available to help you recognize and curb problematic gambling behaviors.
Are Crypto Casino Sites Secure?
Let’s talk now about the most important point when selecting a crypto casino site to play at: safety. All cryptocurrencies operate on the blockchain, ensuring that all transactions, such as deposits and withdrawals by players, are public and verifiable. This transparency dissipates any worries about lost funds or uncompleted transactions.
All the Bitcoin casinos mentioned in this article prioritize player account security through rigorous measures such as SSL encryption and two-factor authentication. These safeguards minimize the risk of unauthorized access to player accounts and wallets. Additionally, to enhance fund security, top Bitcoin casinos utilize cold wallets—keeping funds offline and inaccessible to hackers. Moreover, some of our recommended casinos offer insurance policies to protect player funds in the event of a security breach.
Which Are the Best Bitcoin Casinos in 2024?
Crypto casino sites have grown up and become more numerous during the last few years. In general, many of them are now very accessible, which is a positive development, but careful consideration is still necessary to choose the best crypto casinos that are safe and fair to play Bitcoin casino games on. When choosing the right crypto casino for you, you should consider various aspects, such as anonymity, deposit options, bonuses, game variety, and the measures a casino takes to provide responsible gambling.
In our review we have selected the 10 best crypto casino sites that we considered trustworthy and were the best in all the important quality criteria that we mentioned before, TG Casino coming out on top.
However, whichever casino you choose to play at, it is always crucial to consider the security and reputation of the casino, ensuring you only engage with trusted and well-reviewed platforms. We hope our list has helped you in your search and have an enjoyable gambling time!
Frequently Asked Questions About Bitcoin Casinos
Which is the best crypto casino site?
TG Casino stands out as the best crypto casino due to its extensive game selection, inclusion of a sportsbook, and utilization of Telegram for instant and secure transactions.
Are crypto casino sites legal?
Most crypto casino sites and no account casinos are considered legitimate. Nonetheless, we advise all players to conduct their own research on a casino before registering and beginning play. Our review covers the top crypto casino sites that have a well-established operational history and a significant user base.
What is the best welcome bonus Bitcoin casino?
The best welcome bonus according to our article is the one that offers Wall Street Memes. This welcome bonus consists in winning up to $25,000 and 200 free spins. Also BC.Game is another good choice which offers a welcome bonus of $20,000, and at last, you can choose Wild.io, which consists in winning up to $10,000 plus 300 free spins.
What crypto casino pays out the most?
The payout from a casino is influenced by how much you’ve played and your winnings. Notably, some casinos known for quick and efficient payouts include Lucky Block, Wall Street Memes, and BC.Game.
How do I choose the best crypto casino sites?
Begin by verifying if the platform holds a license and operates under the regulation of a reputable authority. Investigate its reputation and review the cryptocurrencies it accepts. Confirm if it allows players from your location. Check the bonuses available and the wagering requirements. Lastly, examine the game selection to ensure it aligns with your preferences.
Bitcoin
Bitcoin (BTC) Price Drops Below $65K After FOMC as Middle East Tensions Rise
Cryptocurrencies fell sharply on Wednesday as rising geopolitical risks captivated investors’ attention following the conclusion of the Federal Reserve’s July meeting.
Bitcoin (BTC) fell to $64,500 from around $66,500, where it traded following Federal Reserve Chairman Jerome Powell’s press conference and is down more than 2% in the past 24 hours. Major altcoins including ether (ETH)sunbathing (SUN)Avalanche AVAX (AVAX) and Cardano (ADA) also fell, while Ripple’s XRP saved some of its early gains today. The broad cryptocurrency market benchmark CoinDesk 20 Index was 0.8% lower than 24 hours ago.
The liquidation happened when the New York Times reported that Iran’s leaders have ordered retaliation against Israel over the killing of Hamas leader Ismail Haniyeh in Tehran, raising the risk of a wider conflict in the region.
Earlier today, the Fed left benchmark interest rates unchanged and gave little indication that a widely expected rate cut in September is a given. The Fed’s Powell said that while no decision has been made on a September cut, the “broad sense is that we are getting closer” to cutting rates.
While digital assets suffered losses, most traditional asset classes rose higher during the day. U.S. 10-year bond yields fell 10 basis points, while gold rose 1.5% to $2,450, slightly below its record highs, and WTI crude oil prices rose 5%. Stocks also rallied during the day, with the tech-heavy Nasdaq 100 index rebounding 3% and the S&P 500 closing the session 2.2% higher, led by 12% gains in chipmaker giant Nvidia (NVDA).
The different performances across asset classes could be due to traders’ positioning ahead of the Fed meeting, Zach Pandl, head of research at Grayscale, said in an emailed note.
“Equities may have been slightly underutilized after the recent dip, while bitcoin is coming off a strong period with solid inflows, while gold has recovered after a period of weakness,” he said.
“Overall, the combination of Fed rate cuts, bipartisan focus on cryptocurrency policy issues, and the prospect of a second Trump administration that could advocate for a weaker U.S. dollar should be viewed as very positive for bitcoin,” he concluded.
UPDATE (July 31, 2024, 21:30 UTC): Adds grayscale comments.
Bitcoin
No, Bitcoin Will Not Solve Our National Debt
Wyoming Republican Senator Cynthia Lummis speaks at the Bitcoin 2024 conference in … [+] Nashville, Tennessee, U.S., on Saturday, July 27, 2024. Former U.S. President Donald Trump said he would fire the chairman of the Securities and Exchange Commission and pick crypto-friendly regulators if he returns to the White House in a bid to woo virtual currency enthusiasts and capitalize on the industry’s growing influence in the political arena. Photographer: Brett Carlsen/Bloomberg
© 2024 Bloomberg Finance LP
At a Bitcoin conference last weekend, Senator Cynthia Lummis (R-Wyo.) announced future legislation that would direct the Treasury to purchase 1 million Bitcoin, or roughly 5% of the global supply, over five years (which would cost between $60 billion and $70 billion at today’s prices). Lummis claimed that the federal government would be “debt-free because of Bitcoin” if his proposal were to pass, because these Bitcoins could be sold by the federal government at a profit after 20 years. Unfortunately, there are mathematical and conceptual problems that prevent such an approach from solving the federal government’s budget problems.
Let’s start with the math: US National Debt Today stands at nearly $28 trillion (or $35 trillion if you include the “intragovernmental debt” that the general fund owes to other internal government accounting entities, such as the Social Security and Medicare trust funds). This year alone, the federal government spent about $2 trillion more than it took in in revenue, which had to be covered by borrowing money that adds to our national debt.
In comparison, the total market capitalization of Bitcoin today (which is the total number of Bitcoins in existence multiplied by their current market price) is only about $1.3 trillion — and that’s with Bitcoin’s current price near its all-time high. If all the Bitcoin in the world isn’t worth enough to cover a single year’s budget deficit, there’s no way buying 5% of it could plausibly stem the growth of, let alone pay off, our national debt. For the math to work, Bitcoin’s market cap would have to reach a level that is a multiple of the annual economic output of the entire planet (the International Monetary Fund current estimates the sum of each country’s gross domestic product is less than US$110 trillion).
But beyond the math, there are serious conceptual problems with Lummis’s proposal as a partial solution. When the government acquires an asset, it is typically reallocating rather than creating wealth. As the government buys some of the existing supply of Bitcoin, it would reduce the remaining supply available for others to buy on the market. If private demand for Bitcoin remains constant, the result would be an increase in the price of one Bitcoin. The beneficiaries of this transaction would be the current owners of Bitcoin (one of whom is Senator Lummis herself), because they would be in possession of an asset that can be sold at a higher price than the price at which it was originally purchased.
The increase in Bitcoin’s price, and thus the financial benefit to current holders, is likely to be even greater because, rather than remaining constant, private demand would increase as previously cautious investors view the U.S. government’s investment as an indicator of the digital asset’s legitimacy. These higher prices would not only increase demand for Bitcoin, but could also encourage Bitcoin “miners” to increase supply. Bitcoin mining is a extremely energy intensive process that relies on advanced graphics processing units (GPUs). If Bitcoin mining increases demand for GPUs, the GPUs themselves will become more expensive, as they did in 2020. In turn, every activity that depends on GPUs — from video editing to gaming — will also become more expensive.
Perhaps most alarmingly, a boom in Bitcoin mining threatens to stifle promising developments in artificial intelligence (AI). As other Forbes contributors point out, he wroteAI has the potential to revolutionize our economy and boost the productivity of our workforce in countless ways that would increase real wealth for Americans of all socioeconomic backgrounds. But AI also relies on advanced GPUs to function, of which there are already there is not enough supply to meet demand. It would be a profound failure of federal policy to make AI advances more costly to achieve by encouraging people to spend the resources needed to generate digital tokens. Furthermore, even if federal government Bitcoin purchases do not lead to an increase in Bitcoin mining, there are still other ways in which rising Bitcoin prices would displace productive economic investment — but rather than delve into them here, I recommend reading this great 2022 article by Josh Barro about the subject.
For these and other reasons, the federal government should not take any action to push the price of Bitcoin — or any other cryptocurrency, for that matter — above the level set by the free market. If policymakers believe that prices will continue to rise anyway and want to capture some of that value for deficit reduction, there are much better mechanisms for doing so. For example, a capital gains tax increase could aim to capture 5% of the gain on 100% of Bitcoin rather than capturing 100% of the gain on 5% of Bitcoin, as the Lummis proposal would seek to do. In addition to avoiding the market-distorting effects of the Lummis proposal, this approach has the added benefit of not leaving taxpayers holding the bag if the value of Bitcoin plummets, as then many other cryptocurrencies have done.
When it comes to dealing with our national debt, there is no substitute for cutting spending and/or raising taxes. There are no quick fixes here — policymakers must accept tradeoffs and make hard choices about how to allocate limited resources. Fortunately, my team at the Progressive Policy Institute recently published a serious package of proposals that deals with these tradeoffs to put the federal budget on a path to balance within 20 years. Even adopting half of our recommended savings would allow policymakers to keep debt from growing faster than our economy, which is what most economists consider to be the measure of fiscal sustainability. And ours is just one framework: six other think tanks published their own plans to stabilize the debt last week (and notably, none of them proposed spending up to $70 billion of taxpayer funds on Bitcoin).
To Senator Lummis’s credit, she has also supported efforts to promote serious solutions like these in the past. As a member of the U.S. House of Representatives in 2012, Lummis was one of only 38 members who resisted partisan pressure and voted in favor of a congressional budget resolution based on the debt stabilization recommendations of the bipartisan Simpson-Bowles Fiscal Commission. More recently, Lummis was one of nine senators to cosponsor a bill that would establish another bipartisan fiscal commission to generate an updated package of recommendations to stabilize the national debt. It would be a great service to the nation if Senator Lummis would put all her energy into advancing these and other serious efforts to align revenues and spending rather than distracting them with alternative schemes that would merely enrich cryptocurrency investors at the expense of the taxpayer.
Bitcoin
Bitcoin Falls as ETF Flows Reverse, Mt. Gox Moves Billions
In a week of drastic fluctuations, the price of Bitcoin (BTC) has retreated from its highs and is currently trading at US$66,250, down 0.9% in European trading.
This volatility comes on the heels of a significant surge above $70,000 earlier in the week, fueled by former President Donald Trump’s ambitious cryptocurrency plans announced in a Bitcoin Conference in Nashville.
Trump’s announcement to fire Securities and Exchange Commission Chairman Gary Gensler and establish a strategic Bitcoin reserve if elected president has temporarily sent the cryptocurrency market into a frenzy.
However, the excitement was short-lived as a series of events unfolded which caused investor sentiment to sour.
A significant sell-off of about 8% was triggered when the US Marshals Service moved $2 billion in Bitcoin for new wallets.
This move has reignited fears of a potential large-scale liquidation, compounded by lingering concerns over a possible Bitcoin liquidation from Mt. Gox. Early this morning, Mt. Gox administrator transferred US$2.2 billion value of your BTC assets in a new wallet.
Meanwhile, the US Bitcoin ETF spot market is showing signs of fluctuation, according to data from SoSo Value. On July 30, Bitcoin spot funds experienced their first net outflow in five days, totaling $18.3 million.
The Grayscale Bitcoin Trust (GBTC) saw outflows of $73.6 million, while the BlackRock iShares Bitcoin Trust (IBIT) attracted $74.9 million in inflows. But outflows from other funds left the category in the red at the end of Tuesday’s trading session. The total net asset value of spot Bitcoin ETFs currently stands at a substantial $58.5 billion.
In other crypto news, Ripple (XRP) is up 8.6% in the past 24 hours, hitting over 64 cents – its highest point since March 25, according to CoinGecko. data.
This rally comes amid a scheduled token unlock and growing optimism around a potential deal in the long-running SEC vs. Ripple lawsuit.
The crypto community is closely watching the SEC’s actions, particularly its intention to amend its complaint against Binance regarding “Third-Party Cryptocurrency Securities,” which some interpret as a positive sign for Ripple.
On a market analysis noteSingapore-based cryptocurrency trading desk QCP Capital wrote that while election headlines continue to dominate, several crucial macroeconomic events loom on the horizon.
“Election headlines will continue to be a key focus, but several key macroeconomic events are also on the horizon. Key events starting with the FOMC meeting on Wednesday, megacap tech earnings (Apple, Amazon, Meta) throughout the week, and unemployment data on Friday,” QCP Capital wrote.
Edited by Stacy Elliott.
Bitcoin
1 Top Cryptocurrency That Could Surge Over 4,300%, According to This Wall Street Firm
This bold prediction that Bitcoin will hit $2.9 million by 2050 could redefine your investment strategy.
In a groundbreaking report, VanEck, a leading investment management firm, has set the stage for an extraordinary prediction about Bitcoin‘s (BTC -2.63%) in the future. According to their analysis, Bitcoin could potentially reach a staggering $2.9 million by 2050, marking an astronomical increase of over 4,300% from its current price.
This bold prediction is more than just a headline-grabbing attempt. The report is packed with information across its 20+ pages, and includes plenty of evidence and hypotheses to support its claims. Luckily, I read the whole thing, so you don’t have to. In this article, we’ll explore the key elements of VanEck’s report, deciphering why Bitcoin’s value could skyrocket to such heights and what it means for investors and the financial world at large.
Unpacking the VanEck Report
VanEck’s analysis outlines three scenarios for predicting Bitcoin’s future value: the bearish case, the base case, and the bullish case. Each scenario provides a different perspective on how Bitcoin may evolve based on various economic and technological factors, and of course, where its price may be headed.
To arrive at these conclusions, VanEck’s valuation model relies on a combination of historical data, current market trends, and future financial developments. This comprehensive approach aims to assess Bitcoin’s potential as a medium of exchange and reserve asset. With that out of the way, let’s move on to the scenarios.
Bear scenario
In the pessimistic case, Bitcoin’s value is expected to remain relatively stagnant, reflecting limited growth due to regulatory hurdles, technological limitations, or broader economic challenges.
This scenario assumes that Bitcoin will not achieve widespread adoption and will face significant competitive threats from other digital currencies or innovations. If this is the path Bitcoin takes, VanEck predicts that Bitcoin will only reach $130,314 by 2050. This equates to a measly 2.6% compound annual growth rate (CAGR).
Base scenario
The base case presents a more balanced view, where Bitcoin’s value is influenced by moderate adoption and integration into the existing financial system. However, even though it is called the base case, it is still extremely bullish.
This analysis predicts that Bitcoin will reach a price of $2,910,345 and solidify itself as a viable digital asset, resulting in a stronger CAGR of close to 15.7%. Driving this adoption are a multitude of factors, such as rising government debt around the world, reduced use of fiat currenciesbetter technology that makes Bitcoin faster and cheaper to use, and the possibility of Bitcoin becoming the world’s reserve currency.
Bullish scenario
The bullish scenario is the most optimistic, predicting that Bitcoin’s value could reach a staggering $52,386,207 by 2050. Here, Bitcoin’s CAGR rises to 29.3%.
This extreme growth projection is based on Bitcoin achieving widespread adoption as a medium of exchange and a reserve asset. It considers advances in blockchain technology, significant macroeconomic changes, and increased institutional investment. In short, this scenario basically assumes that the world will undergo hyper-Bitcoinization very quickly.
How Bitcoin Could Reach $2.9 Million
While the bear and bull scenarios are unlikely outliers on either end of the spectrum, it’s worth examining the reasoning behind VanEck’s base result in greater detail. This intermediate target strikes a valuable middle ground and does a good job of capturing what makes Bitcoin so unique.
The first catalyst that could send Bitcoin to nearly $3 million is increased adoption as a medium of exchange. As the world and its financial system become more digitized, there is a clear path where Bitcoin could gain traction as a popular medium of exchange. The decentralized nature of the cryptocurrency, coupled with its growing acceptance among merchants and consumers, supports its potential to become a mainstream payment method. If Bitcoin’s use as a transactional currency becomes widespread, VanEck suggests that its value could appreciate significantly.
At a more granular level, technological advancements are critical drivers of Bitcoin’s future valuation. For most of Bitcoin’s existence, its blockchain was more than capable of handling transactions cost-effectively. However, as the years have passed and it has processed more transactions, there has been a need to find a method for Bitcoin to scale efficiently.
Fortunately, there are a number of solutions in development that attempt to make Bitcoin faster and cheaper to use, such as Lightning Network and layer 2 blockchains like Stacks (STX -3.26%). VanEck believes that if Bitcoin is able to scale properly, it will only bolster the cryptocurrency’s prospects following the base case trajectory.
Expanding a bit, VanEck posits that Bitcoin could become a global reserve asset, similar to gold, as institutional investors and nations seek a stable store of value in a turbulent economic landscape. As VanEck’s report outlines, the global financial world is currently in a state of flux.
The currencies of the most prosperous economies (the US, EU, Japan and the UK) are starting to be used less for international payments. Furthermore, these economies, which dominated for much of the last century, face a growing debt burden that could further erode the value of their currencies. VanEck’s report predicts that as this trend worsens, other nations will turn to Bitcoin due to its apolitical construction and robust fundamentals that prioritize value preservation. When all is said and done, Bitcoin could become the world’s global reserve currency, causing its price to soar as governments clamor for a share of its finite supply.
Last food for thought
VanEck’s prediction that Bitcoin could rise to over $2.9 million by 2050 represents a bold and optimistic outlook for the cryptocurrency. It may sound sensationalist, but keep in mind that virtually no one could have imagined that Bitcoin would rise from just a few cents to over $60,000 over the past 15 years.
However, as appealing as this may sound, a bit of restraint is in order. No one has a crystal ball, and while the outlook is promising, investors should carefully weigh the rewards against the risks and, more importantly, Approaching Bitcoin with a long-term perspective.
But for those who believe in its future potential, have an appetite for risk, and are comfortable holding for the long term, Bitcoin’s current value could represent an attractive entry point. See you in 2050.
-
News8 months ago
11 Best Shitcoins to Buy in 2024: The Full List
-
Ethereum8 months ago
Top Meme Coins by Market Capitalization in 2024
-
News9 months ago
Bitcoin (BTC) price recovery faces test on non-farm payrolls
-
News8 months ago
New ByBit Listings for 2024: 10 Potential Listings
-
Bitcoin6 months ago
1 Top Cryptocurrency That Could Surge Over 4,300%, According to This Wall Street Firm
-
Altcoins6 months ago
On-chain data confirms whales are preparing for altcoin surge with increased buy orders
-
Bitcoin6 months ago
The US government may start accumulating Bitcoin, but how and why?
-
News8 months ago
19 Best Crypto Games to Play in 2024
-
News8 months ago
11 Best Crypto TikTok Accounts & Influencers in 2024
-
Ethereum9 months ago
The strategic pivot to Ethereum amid market dynamics
-
Videos8 months ago
97% of cryptocurrency investors are missing out on the biggest trade right now!
-
Bitcoin8 months ago
pegged below $62K with CPI data available By Investing.com