Poker World On Edge As Bitcoin Price Hits One-Year LowWorld's Largest Cryptocurrency, A Popular Investment Option For Poker Pros, Has Taken A Hit Recently |
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On Dec. 17 of 2017 the cryptocurrency Bitcoin’s (BTC) price hit a high-water mark of $19,783.21. Now roughly 11 months later the leading cryptocurrency has seen a dramatic drop, sitting around $5,580 on Thursday.
Bitcoin is the largest cryptocurrency in terms of market capitalization. The market cap had remained above $100 billion for over a year, but this week saw the cap decrease to $96 billion as the price of Bitcoin fell by more than 10 percent in the last 24 hours.
Bitcoin is not the only major cryptocurrency to have taken a hit this week, with Ripple (XRP), Ether (ETH) and Bitcoin Cash (BCH) all down between 8 and 13 percent in the last day.
Cryptocurrencies were an international sensation in 2017, inspiring people from around the world to invest in the digital assets. The poker playing community saw many of its members join in on the speculation during what could be described as a ‘Crypto Boom,’ with the fervor reaching a fever pitch during the 2017 World Series of Poker.
British poker pro Sam Grafton did a good job summing up the atmosphere of crypto hype that had permeated the WSOP in a popular tweet:
Strategies for winning at WSOP
2010 Small ball
2011 Three bet
2012 Four bet
2013 Five bet
2014 Flat
2015 Ranges
2016 Blockers
2017 Ethereum— Sam Grafton (@SquidPoker) June 17, 2017
The poker world’s interest in cryptocurrencies extends beyond players investing their personal wealth. Several online poker sites, including Americas Cardroom, started to accept Bitcoin and other cryptocurrencies as valid currencies with which to make deposits.
Three-time World Series of Poker bracelet winner Doug Polk’s interest in cryptocurrencies was strong enough for him to start a website dedicated to the digital assets called CoinCentral in October of 2017. Polk took to Twitter this week to comment on the recent slide:
Crypto twitter right now pic.twitter.com/DGy3kc3mdR
— Doug Polk (@DougPolkPoker) November 14, 2018
Cryptocurrency has been a popular topic of discussion between poker players online and at the tables. Even with the current downswing, it likely will continue to be a big area of interest for the poker world moving forward.
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