Leaving the Casino: Why Bitcoin and Vegas Don't Mix

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What comes to mind when you read ‘Las Vegas’? Casinos? Gambling? Partying? Famous concerts? Entertainment? All would be correct. It is a destination where people seek a thrill and short term entertainment and fun with the likelihood of losing money being high.

What would Vegas have in relation to Bitcoin or the crypto space? Well, maybe the only thing for Bitcoin is that Las Vegas hosts the biggest Bitcoin conference in the world. Stormrake is not only attending but has a booth there to announce the launch of Stormrake in the US. If you happen to be in the area and need a break from the tables, head on down.

While Las Vegas shares many similarities with some of the other parts of the crypto space, many participants that are new to the space often shy away from Bitcoin and attempt to outperform and make a quick buck by ‘investing’ into an altcoin, or even memecoins. This is a very similar mindset to those who attend Vegas. Those who have been in the space for a while will recall the Solana Memecoin Casino which saw the arrival and quicker departure of many first time participants chasing the elusive task of turning $100 into $100k.

While Vegas may be fun and share some similarities to the crypto space, there is a reason people say to only do short trips to Vegas, or even to just do it once. The same should be said with altcoins; the lucky ones will only need to do it once to learn not to do it again and stick with Bitcoin.

Aside from the aforementioned Bitcoin conference, there are no real similarities with Vegas and Bitcoin. Bitcoin requires patience, discipline, and conviction. Most will find it boring waiting for the long term investment to pan out, all of which are traits not found in Vegas.

Whether you are navigating the noise of the “altcoin casino” or building a long term position in Bitcoin, having a clear strategy is essential. If you are ready to move beyond the gamble and secure your financial future, reach out to the Stormrake team today.

Stormrake Spotlight: Pax Gold (PAXG) ($4,679)

Source:https://www.tradingview.com/x/Xyb8t6Cq/

A nothing day for PAXG, moving just 0.14% from the daily open. The bears still have full control of PAXG as they look to push price back to the demand zone below.

BTC/USD Key Levels and Price Action:

Source:https://www.tradingview.com/x/Ps6g6Lcl/

Bitcoin reached a high at $79.5k yesterday but has since fallen 3% since that high and now fallen below the moving averages. The bears have reclaimed short term momentum, but the bulls are in control of the structure and higher term momentum. This should be viewed as a pullback to accumulate before the likely next leg higher.

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*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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