The crypto market has gradually earned a position in the global financial picture despite its volatile nature. Currently, the total market cap of digital assets stands at $258 billion with bitcoin constituting 67.2% according to Coinmarketcap. Comparisons have frequently been made between bitcoin and traditional assets such as gold and oil, which goes to show just how much value BTC has gained.
Back in 1971 when the gold standard was abandoned, an ounce went for as little as $35. Today, the price is above $1,500 owing to the scarcity of a precious metal that has long been viewed as a safe haven. While such growth is commendable, bitcoin has posted better numbers within its decade of existence. The leading crypto coin has grown by 6,852.6% based on a $9,406.81 market price at the moment.
As for the oil market, it has been a rough year since prices plummeted following the COVID-19 pandemic. In early March, this market dropped to an 18 year-low with prices on Brent and WTI dipping below $25 a barrel. Amid this unprecedented crisis, bitcoin has outperformed oil even though it also recorded a $3,600 low on March 12; now dubbed ‘Black Thursday’.
Bitcoin’s Capability Challenged; ‘Died’ 380 Times to Date
Nonetheless, bitcoin has received a fair share of criticism with most sceptics predicting it is but a passing fad. According to a BTC obituary run by 99Bitcoins, the crypto asset has ‘died’ a total of 380 times since Satoshi released it. This account notes the first BTC death prediction was echoed as early as 2010 by the Underground Economist:
“In nature, positive feedback loops like exist with Bitcoin are lethal; the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”
Since then, there have been a number of similar suggestions by stakeholders across diverse industries. In 2017 alone, 99Bitcoins has recorded 124 predictions suggesting that BTC will die. Surprisingly, that is the year BTC hit a record-high of over $20,000. Among the highlights of the cacophonous death knells was this gem from a Forbes article entitled ‘The Great Bitcoin Scam’:
“Herein lies the problem with cybercurrency, which is that there are an infinite number of cybercurrency units available. Divide anything by infinity, and you get a number that is almost zero — not quite zero — but as close as you can get to it as possible.”
The latest prediction is from crypto news media U.TODAY, which says that bitcoin has no intrinsic value. According to the post on March 4, 2020, any investor buying it should be prepared to lose all their money.
The Opportunity to Bet on Bitcoin’s Death
Presumably it wouldn’t be difficult to find one of these BTC ‘Death’ prophets willing to bet on their claims? Apparently not. Of course, platforms exist which would let them do just that, providing they truly believed themselves capable of predicting the future. One such platform is Alpha Play, a decentralized online gambling portal. Its ecosystem comprises a collective ownership leveraging smart contract infrastructure based on blockchain. This network is consequently powered by the platform’s native token ‘ALPHA ERC20’.
Essentially, Alpha Play facilitates bets between two players based on the price movement of a specific crypto asset against the USD in a span of five minutes. The platform presents an opportunity to make more money from its affiliate program. This initiative is backed by ALPHA ERC20 tokens; holders earn up to 6% from Alpha’s gambling turnover as bonuses. They are also pocketing an additional 4% by attracting new players or playing with friends. 90% of the turnovers go to winners as prices.
Bitcoin seems to have defied the odds thus far, which is not to rule out that it might one day meet its demise. Historically, the crypto market’s volatility has provoked widespread dismissals, however the underlying stats tell a different story. As highlighted, an opportunity exists to make money while speculating on price outcomes. Such opportunities will endure for as long as bitcoin exists; the current protocol shows that the last BTC will be mined around 2140.
It’s clear to see that the online gambling market is booming, with the world embracing fintech solutions. The market is currently worth $46 billion and is forecasted to almost double by 2024, when it will be worth $94 million according to Statista analysis. Blockchain is an emerging technology that continues to add genuine value to the online gambling market.