How Trump’s Victory Can Help Cryptocurrency Casinos
Crypto and politics haven’t really gelled before in the U.S. The crypto industry felt targeted by the Biden administration and wanted Trump to win. They are eager for Trump to help make crypto a larger part of mainstream financial systems. Donald Trump himself has a crypto portfolio with Ethereum as his largest holding.
Since his election, members of the new government have been talking about creating a federal Bitcoin reserve, an idea Trump floated while on the campaign trail. He has promised to have a lighter regulatory touch and has appointed pro-crypto officials in some government positions.
How does this help the crypto-gambling industry?
More adoption
Crypto may not be mainstream yet but it has been present in the sports betting and casino industry for some time. It could be a popular option for making deposits and withdrawals when using a US casino app to gamble online. Crypto payments have lower fees than other options and transactions are fast and safe. Now, more adoption of crypto is likely to happen. You will probably have more options to make deposits and withdrawals using the cryptocurrency of your choice.
Easier on-ramping
Trump has appointed Howard Lutnick as the new Commerce Secretary. Lutnick has always been a cheerleader for crypto on the global stage. His firm, Cantor Fitzgerald, is a banker for Tether, one of the most widely used stable coins worldwide. A favorable Congress could give the crypto industry more room to grow, and this could lead to easier on-ramping.
It is currently still quite a learning curve to open an account on a crypto exchange, acquire crypto, and send it. This is likely to become much easier, and your credit card may even have a crypto purchase option in the future.
More investment and innovations
The Securities and Exchange Commission (SEC) chair, Gary Gensler, who has always been anti-crypto, is about to leave. He filed lawsuits against crypto projects that he felt violated securities laws. Many accuse him of stifling crypto investments and innovation.
A change in leadership of the SEC could result in more crypto products entering mainstream markets. The SEC didn’t want to approve crypto ETFs, but its hand was forced by a judge, and Bitcoin ETFs entered the market in January. These investment vehicles allow people to bet on crypto without holding it.
Companies can be deterred from making investments if there is a negative attitude towards them. However, since Trump won the election, Bitcoin has hit a new record high. Crypto-related stocks also skyrocketed. Top casinos will always use smart pricing strategies and conduct cost analyses. Now that attitudes are changing, casinos are likely to invest more in blockchain and other innovations could start emerging in gaming.
Better security
As crypto becomes more mainstream, transactions will likely be safer while layers of security will offer protection. Insurance to cover losses may become a thing. With the online gambling market in the next few years set to soar, security will become increasingly important. Playing at a safe and secure online casino is essential. Using crypto for deposits and withdrawals is ideal, but gambling with crypto isn’t recommended right now.
The future of crypto under Trump isn’t guaranteed
The fact that Trump and Melania are both offering their own meme coins has soured the mood of many in the crypto community. Some crypto enthusiasts say it looks rather like a cash grab that undermines efforts to make crypto a legitimate digital asset. Meme coins often start without any real value but can surge in price if people are willing to buy them. On election night, Elon Musk’s meme coin, Dogecoin, went up by 25%.
The future of crypto under Trump’s administration isn’t a sure thing. Crypto prices are susceptible to global events and large macroeconomic trends. It is also not entirely clear how dedicated Trump is to crypto and whether he will follow through on his promises.