Surprising Stats Show Lottery Ticket Sales in the US Surpass Bitcoin (BTC) Market Capitalization
Bitcoin (BTC) has been criticized several times for being a volatile asset and just gambling. However, US citizens spend $70 billion per year on lottery tickets. This surpasses Bitcoin’s whole market capitalization and is equal to more than half of the total crypto market cap.
The funds that are generally spent on lottery tickets are simply going nowhere and without any return for gamblers, unless they are part of the few luckiest ones. According to the latest data provided by Statista, US individuals purchased $80.55 billion in state lotteries in the United States.
Another shocking thing is the fact that around half of the US adults buy state lottery tickets. However, only five percent of them holds or purchased Bitcoin. In the past, the Harvard professor Ken Rogoff compared buying Bitcoin to buying a lottery ticket. The main difference is that lottery ticket cannot be held for the future and wait until this number will be selected.
Instead, Bitcoin is an asset that could grow exponentially in the future if some conditions are met. This makes Bitcoin a good investment opportunity for the future. Bitcoin has a very asymmetric return profile. That is, although it can go to zero, the possibilities for the future are enormous.
It is always important to have clear things. Bitcoin is currently being embraced by several institutions and retail investors from all over the world. Although it is difficult and the analyses are different, it is possible to understand why Bitcoin behaves in a specific way and how it could perform in the future.
At the time of writing this article, Bitcoin is being traded around $3,670 and it has a market capitalization of $64.17 billion.