Bitcoin prices often adjust when this event takes place. However, you don't have to worry for too long!
During major football events such as EURO, Copa America or World Cup, one market will attract extremely large cash flows around the world: Betting/gambling. Is the attraction of betting big enough to pull money out of the crypto market?
Since Bitcoin (BTC) was born, there have been 5 major football seasons: EURO 2012, 2016 & 2020; World Cup 2010, 2014, 2018 & 2022. Because the tournament scale before 2012 was quite small, let's evaluate from 2014 to now:
- Worldcup 2014: Bitcoin +2.2%
- Euro Cup 2016: Bitcoin +27.1%
- Worldcup 2018: Bitcoin -14.6%
- Euro Cup 2020: Bitcoin -5.95%
- Worldcup 2022: Bitcoin -16.2%
It can be seen that in the 3 most recent major tournaments, Bitcoin all corrected! However, this adjustment process usually does not last too long and historical data shows that Bitcoin recovers well after these football tournaments end!
So, enjoy Euro Cup 2024 and manage your portfolio safely! Because maybe Bitcoin will soon pull the market back to growth next month!
