Bitcoin’s unpredictable movements continue in 2022 as well. Miners and investors are continuously wary of the state of BTC and are monitoring its movements. However, the cycle is far from over, which means that many of the world’s industries will be affected. iGaming players and gamblers should expect tons of movements in the upcoming year, thus our CasinoDaddy team suggests that you always have a plan B when gambling with Bitcoin. Check out the best casino to make sure you are fully playing at the most efficient rate.
Fidelity Digital Assets, the crypto arm of Fidelity Investments, which manages $4.2 trillion in assets, provided its “two sats” on the future of digital assets. The primary findings focused on the behavior of miners and the adoption of the Bitcoin (BTC) network. The company revealed some insights into the world of Bitcoin mining in its annual report, which was issued last week: “As Bitcoin miners have the most financial incentive tho make the best guess as to the adoption and value of BTC (…) the current bitcoin cycle is far from over and these miners are making investments for the long haul.”
According to the research, the hash rate recovery in 2021 “was quite astonishing,” especially given that the world's second-largest economy, China, outlawed Bitcoin in 2021. The recovery in hash rate following the ban, owing to BTC's hash power being “more broadly dispersed throughout the world,” has shown that miners are focused on long-term earnings. The assertions corresponded to the recent selling performance of miners. A key on-chain indicator indicates that Bitcoin miners are in “huge” BTC accumulating mode, with no intention of selling.
Fidelity made some interesting predictions about additional nation-states embracing BTC as legal money when it comes to orange-pilling entire countries: “There is a very high-stakes game theory at play here, whereby if Bitcoin adoption increases, the countries that secure some Bitcoin today will be better off competitively than their peers. We, therefore, wouldn't be surprised to see other sovereign nation-states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.”
Their remarks came after a former Tonga MP stated that the country may embrace BTC by late 2022. More regulation and better products, in essence, will open up the crypto industry, “putting a bigger percentage of the hundreds of billions in traditional assets into the digital asset ecosystem.” When combined with miners' holding, it has the potential to stretch the cycle and propel BTC to new highs.
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