Bitcoin Rises Above $1000 and Online Gambling Sites Take Notice

Written by :

C Costigan

Published on :

2 January, 2017

Bitcoin Rises Above $1000 and Online Gambling Sites Take Notice

The anonymous digital currency Bitcoin continues to grow in popularity and this is certainly reflected in a strong start to 2017 with trading breaking the $1000 mark Monday for the first time in three years.

On Monday morning, the cryptocurrency was trading at $1021 and seemingly rising.

"We are seeing the aftermath of zero interest rates run amok. So Bitcoin is a healthy reminder that we don't have to hold on to dollars or renminbi, which is subject to capital controls and loss of purchasing power. Rather it's a new asset class," Bobby Lee, chief executive of BTC China, one of the world's largest bitcoin exchanges, told CNBC by phone.

Most, if not all, online gambling sites had added Bitcoin by 2016.

Web gambling companies the likes of AceSportsbook.com have claimed Bitcoin accounts for over a quarter of its overall processing.

- Aaron Goldstein, Gambling911.com

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