It is no secret that the value of Bitcoin, Ethereum and other cryptocurrencies has had a torrid time over the past 12 months. Last October, Bitcoin was trading at almost $50,000 and by mid-September of this year it was a little over $17,000, its lowest price since 2020. Crypto entrepreneurs are understandably gloomy, but the truth is there are still plenty of profitable business opportunities in the market if you know where to focus your attention.
It’s barely even worth it anymore. That’s been the refrain of Bitcoin miners for the past year or two. They were saying it when BTC was at $50,000 and they are saying it today. The funny thing is, they are still mining because it is still a highly profitable activity for professional miners who know what they are doing.
The net effect of the crypto winter has been to freeze out the less efficient miners, while the leading ones have continued to make good profits. A few weeks ago, industry analyst Joseph Vafi told Forbes that most have a breakeven threshold between $7,000 and $9,000. One thing that is clear is that small-scale miners are unlikely to thrive. But if you can invest around $20,000 in the equipment, mining is still, quite literally, a way of minting money.
Online casino gaming and Bitcoin have followed parallel, and often intersecting, evolutionary paths over the past decade. The first Bitcoin casino opened in 2014, so it is fair to say the industry was an early crypto adopter.
Today, crypto casinos have a stronger following than ever. That’s thanks in a large degree to changing attitudes in the USA to which State laws have been slow to react. Only half a dozen or so states have legalized online casinos, but the laws apply only to operators or banks within those states. In other words, there is no law against gamblers in Texas or California using an online casino that is domiciled offshore but their bank is not permitted to transfer money to or from it.
The case for Bitcoin live casino games and slots is self evident. If you are looking for a crypto-focused business in which to invest, iGaming is, to coin a phrase, a good bet.
Many industry experts would make a case for decentralized finance (DeFi) being the area of crypto development that has the biggest investment potential. Creating a decentralized global monetary system that is not influenced by banks and governments was the original Bitcoin dream.
Critics would argue that technological constraints are still hampering meaningful progress in developing DeFi and preventing it from achieving its full potential. But there are so many big players throwing so much investment into it that the breakthrough moment has to come sooner or later.
Those who have won big time in crypto over the past decade will tell you it is all about throwing your hat into the ring at the right moment. There’s a school of thought that where DeFi is concerned, that time might be now.