With the sudden swing of attention landing back over in Bitcoin’s corner, it is hard not to ask a question or two about why people say that ‘Bitcoin is not widely accepted’. This simple claim is coming up more often. They are literally words from media reporters jumping on the bandwagon looking for click bait.
In reality, Bitcoin is already widely accepted, which is one of the key reasons behind the cryptos current bull run! Coupled with the theory of the market of cycles of course, but that is beyond the scope of the point we are trying to make in this piece!
Often It Is Down to Bad Reporting
The reporting is often so bad, but no one will notice because the article is often masked by the fact that the writer is clearly a master of words. Unfortunately, he or she is clearly not a master of cryptocurrency, let alone Bitcoin. Perhaps knowledge doesn’t matter because half the people reading the news article are also clueless.
If you weigh up the percentage of people with a deep understanding of cryptos likely to read the report, it is probably going to be around the 5% mark! For those of you that need the math done for you, 95% of the readers are clueless to the fact that the reporter/writer is just grabbing information out of the wind and regurgitating it using his or her fancy twist.
We Have to Agree Bitcoin Could Reach $300k!
OK, so you probably get the picture by now! Hence the fruition behind the claim that BTC is not widely accepted. What we can live with is the prediction that BTC will hit $200,000. Now that figure is agreeable and even predicting $300,000 is not impossible! So, the question is, why would BTC reach such levels if it were not already widely accepted?
Bitcoin is accepted on so many platforms. In fact, it is accepted on the fastest growing platforms in the world. Online gaming, especially eSports, iGaming (online casinos, online sports betting, and online bingo.
BTC Widely Available in Online Sports Betting
One of Europe’s largest gambling markets is online sports betting. Betting in Bitcoin has long been ‘a thing’. Just check out freebets.com no deposit offers where new members can pick up bonus Bitcoin sports bets! And this is not something that is new, it is a form of betting that has been around for over half a decade already. A month’s worth of Betting on sports using Bitcoin creates more transactions than most retail stores do in a year. And what’s more, these players get Bitcoin bonuses on top!
Sports betting is also Europe’s most popular activity, with 41% of all online gambling placed on sports. While online casinos claim second spot with 24% accounting for all online gambling revenue. Poker has 5%, Bingo 4%, other skill games 1%, and lottery 15%. These online gambling options allow you to place bets using Bitcoin.
In Europe alone, predictions show that online gambling should grow from €24.5 billion recorded in 2019 to €37.3 billion in 2025. And alongside that growth, Bitcoin will be right there with it.
Online Gamers Adopt BTC
Of course, where there are gamers, who tend to be techies, cryptocurrencies are also going to feature. eSports is the dominant force eight now with pro tournaments now conjuring up prize pools worth up to $30 million or more, plus eSports wagering is now a thing! And many of these games sell skins, collectables, and more. Guess which currency is regularly involved in these transactions?
Online gaming is yet another market also predicting huge growth rates. Figures show that online gaming is worth roughly $152 billion per year! And is set to smash the $200 billion market in the next half a decade. Again, BTC will be right there in the midst of that growth.
Therefore, when you see a report saying that more companies are adopting BTC, crypto rarely used, this is not true. The crypto has been active in 2 of the world’s fastest-growing markets for over half a decade already!