Ever since Bitcoin blew up, cryptocurrencies have flourished with tens of thousands of other tokens being minted since and many new ones popping up all the time. In this fast-moving world of digital assets, crypto offers residents of Michigan a range of opportunities to use them — from investments to many practical uses for everyday life.
The most successful and largest cryptos by market capitalization, such as Bitcoin and Solana are rapidly becoming more popular as a payment method for online services. One of the sectors that are leading the way with its adoption as a valid means of exchange is the iGaming industry.
Ever since online gambling was legalized in Michigan through the Lawful Internet Gaming Act of 2019, gambling sites have flourished in the state. Many of them now utilize cryptocurrency as a payment method. They offer many perks such as bitcoin casino instant withdrawal, which allows for faster transaction and payout speeds that traditional online casinos simply can’t match.
According to iGaming writer Sergio Zammit, crypto-centric online casinos also offer other perks like anonymous play, generous welcome bonuses, and an expansive range of classical and modern casino games for gambling enthusiasts to choose from. The fact that Michigan is one of the few states that offers legal online gambling means that players who reside there can access such platforms and use their crypto holdings to play their favorite casino games from home.
At an institutional level, investments in crypto holdings are becoming increasingly popular, even among the world’s largest hedge and pension funds. Many of these organizations may not invest directly in crypto by buying into any particular token. However, they can still increase their crypto stakes indirectly by investing in a crypto fund that supports crypto-network technology companies and advances blockchain technology as a whole — as the University of Michigan has done following similar moves by the likes of Harvard and Yale.
For ordinary Michigan residents, they can also invest in cryptocurrencies through reputable exchanges like Coinbase or Binance, or even support local platforms such as Gemini. The only thing for novice investors to keep in mind is that cryptocurrency, like any high-risk high-reward investment, does not guarantee a profit. However, if approached smartly, cryptocurrency has proven to be a very lucrative investment for many people around the world.
From a consumer POV, crypto is now accepted in many industries like food and beverage, retail, automobile, and even real estate, meaning you can now use crypto to buy practically anything. Many major franchises like Burger King and Starbucks have shown a willingness to accept cryptocurrency.
However, acceptance may vary as some may accept crypto payments directly. Meanwhile, others may accept it indirectly in instances where consumers can use their crypto to purchase vouchers that can be exchanged in-store. However, even if you can’t use crypto directly or at an online store, there are hundreds of Bitcoin ATMs in the state that can instantly turn your BTC into regular cash.
As cryptocurrencies become more widely accepted, Michigan residents can now use them for anything from crypto gambling to online shopping, to purchasing a vehicle or even real estate. All that’s required is finding the right vendor in the state or a means of converting your crypto into a payment method that is accepted.