Is Bitcoin About to Reach the $800 Mark?

As a bitcoin gambler, you have likely been keeping track of the value of your bitcoin. Since October 26th, the value has risen from around $650 to the current $726.77 (as of stock closing on November 1, 2016). This is excellent news to those who have stock in bitcoin or are playing to invest your bitcoin gambling winnings.

Current BTC Exchange Rate (Nov. 1, 2016)

Current BTC Exchange Rate (Nov. 1, 2016)

The great news is that the value of the bitcoin has been increasing steadily and may soon reach the $800 USD per 1 BTC mark.

If you are about to hit the virtual bitcoin poker tables or slots, keep in mind the increasing value — you may be getting a better payday than you thought, and alternatively, you may lose more than you thought.

The reason for the bitcoin increasing in value, is capital outflow from China is increasing. Citigroup Global Markets’ estimate of Chinese capital outflow this year has been cited at over $573.2 billion. This has increased the demand for alternative currencies such as bitcoin cryptocurrency. In fact, bitcoin values are expected to hit $800 USD per BTC in value during the increase of the last two months of 2016.

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If you’re wondering what capital outflows are, they are attributed to a couple of factors: one being where the exporters from China are keeping their money offshore, and the other is where people are buying bitcoin in order to prevent their assets from depreciating with yuan — as well as for cross-border transactions and investments.

While the outflows from China are not necessarily a good thing for the country, it is good news for the bitcoin, at least for now, as a larger part of the Chinese population are continuing to use the digital cryptocurrency, bitcoin, in order to avoid the depreciating value of traditional Chinese currency.

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Keep track of the Bitcoin exchange rate / value daily and view the increases and decreases at the following link: http://www.coindesk.com/price/ 

Keep an especially keen eye on the bitcoin value for the next few weeks. You could be sitting on a nice increase of digital currency that you may want to gamble with at your favorite bitcoin casino, or you can plan ahead to sell when the price gets high. Whatever you choose, you could stand to make a nice profit.

**A tip for new bitcoin gamblers — now would be a great time to take advantage of the incredible range of sign up promotions available at just about any bitcoin casino website. There are deposit bonuses, deposit matching, free spins and winnings, and other bonuses!

 

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