Sportsbooks Release Bitcoin Prop Bet For Price After Weekend

  • The price of Bitcoin is around $5800 at the moment.
  • With the stock market collapse, Bitcoin also fell 50% over the month.

ARLINGTON, Va.Bitcoin investors have been put in a panic as of last night when the price of the currency took a huge tumble. This comes as the coronavirus pandemic has been running chaos.

With this - and with mot much else to bet on - online sportsbooks have released an Over/Under prop bet on the value of Bitcoin by March 15th.

Sportsbooks have the Over/Under set at $5,500.

Unfortunately for investors, the under is favored at -200 while the over is at +150. Early Friday morning, however, the price was down nearly 50% to $3,850. Luckily it has since risen to $5,560, showing its known volatility.

The Future of Bitcoin

As of now, investors should worry as Peter Brandt, the Bitcoin trader who projected successfully that Bitcoin would be worth $20,000 in 2017, has now spoken out suggesting that it could plunge even lower.

“If I Interpret the chart without bias, I would say sub $1,000” said Brandt.

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If the price were to go that low, it would be the first time since 2017.

It would also push for bettors to go ahead and take the under, though the unknown still makes this a risky bet.

“Bitcoin should enjoy a nice run back through $10,000 towards $20,000 by year-end,” said Arthur Hayes, the chief executive of Seychelles-based cryptocurrency exchange BitMex.

With such high projections from Hayes, bettors should not confuse this and bet the over. This projection is based on the end of the year but as any cryptocurrency investor or sports bettor knows, the unknown is what makes it worthwhile.