The Super Bowl ties cryptocurrency investing with sports betting and legalized gambling. Crypto will find a growing use case. It is a convenient way to fund bets.
The Super Bowl will attract strong sports betting volumes. For example, PlayUSA and Draft Kings (DKNG) will benefit from the growing football audience. As more people open crypto wallets, they may consider linking the funds to a sports betting platform. The reason is that cryptocurrencies are an alternative to fiat currency. People will have less incentive to link a crypto wallet to a financial institution.
Diversification
Skeptics continue to question the value of cryptocurrencies. Volatility for Bitcoin heightened in the last month. BTC-USD fell to the $33,600 range before recovering to $42,375 recently. Cryptocurrency holders may establish sports betting accounts to find other ways to grow their funds.
The government is not rushing to legalize sports betting. It is not legal in all states. This may change. As more states open up to the activity, increasing taxation income as a result, sports betting platforms will grow.
Investors might consider holding DKNG stock. Legalization stalled, hurting shares. The stock is down almost 70% from its all-time high of $74.38. That might prove a safer bet.
