The truncated answer is a resounding NO!. So why do we pose this question? Well, every once in a while we need to address these issues as the online casino industry is always in flux and constantly changing. But the specific reason for bringing up Cryptocurrency is the popularity of these payment methods by both players and casinos.
What has changed with Crypto in the past few years?
If you go back to the inception of Bitcoin and other Crypto Currencies, you’ll see that they were created for a specific purpose and for certain individuals. The idea was to have an alternative “currency” which could be used without the regulation and oversite of governments and influenced by the Global Markets. This is a simplifies explanation, but you get the point. Those who did not want to be exposed to the snooping eyes of governments and financial institutions felt it was necessary to create something new.
Another one of the main catalysts for creating these currencies was the growing online market and the ability of governments to have all of your financial transactions tracked. From withdrawing money, using your credit/debit card, as well as a host of new online payment methods such as PayPal, NetEnt, and the likes, followers believed that Crypto would be the solution. With faster and cheaper transactions, Crypto wants to undoubtedly unseat the current leaders which are the traditional players.
Victims of their own Success
There is no argument that Cryptocurrencies have been booming in the last few years. Prices, especially for Bitcoin, have gone through the roof, making many of the initial investors multi-millionaires. The popularity has spread with many online and Brick and Mortar stores accepting Bitcoin as payment. Many traditional investors are getting into Bitcoin as well as some funds. When they are regularly discussing Bitcoin on CNBC, then you know that it has gone mainstream.
MAINSTREAM! That is going to be the death knell, or at least sudden downfall of Bitcoin and Crypto. Because of the popularity and ubiquitous use of Crypto many of these companies are being eyed by government regulators throughout the world. As a matter of fact, today December 8, 2021, half a dozen CEOs of Crypto companies will testify before those brilliant minds of the U.S. Congress. Their ultimate goal is to bring the roughly $2 trillion market under government regulations and oversite.
You can argue all day long that the likes of Bitcoin and Ethereum are commodities and not securities. The fact is that once anything which operates within U.S. “boundaries” gets noticed by the government, it is only a matter of time before it begins to be regulated and controlled.
What Shall We Do?
There is no way to stop the onslaught by regulators throughout the world. If Crypto wants to exist they must adapt to the new environment and do their best to stay relevant. Whether Online Casinos will be able to withstand the regulations is another story. As we all know online gambling is not a favorite of politicians unless it brings in revenue for the State or Country. The online industry will always be here, although whether Crypto is involved is another question.