As the value of Bitcoin (BTC) continues to rise, more online poker players are now using BTC to enhance their winnings. The recent rally led to a massive surge in the demand for the cryptocurrency at many online poker sites, with operators now struggling to keep up with BTC withdrawal requests.
Americas Cardroom (ACR) in particular was forced to buy more BTC than they’ve ever done before. The site operates under the Winning Poker Network (WPN), which allows players to make transactions using bitcoin.
The resurgence of digital currencies comes as a result of the COVID-19 pandemic, with financial markets still reeling from the enormous impact of the global health crisis. Back in March, when worldwide lockdowns began to take effect, Bitcoin’s value was below $5,000. From there, it has consistently gone up, and opened December with a 12-month high of over $19,000.
Crypto enthusiasts know that this isn’t forever, as digital currencies are volatile in nature, and that is why they’re taking advantage of the recent bull run by stocking up on BTC. Online poker players see the current potential of Bitcoin with its value rising super-fast against the US dollar. For this reason, they’re choosing to convert their cash winnings into BTC.
What if BTC Suddenly Crashes?
Winning Poker Network CEO Phil Nagy said 90 to 95% of their payouts are now processed in Bitcoin, which is currently beneficial and more profitable for players, but what concerns them is the fact that the value of BTC could potentially plunge, suffering a similar crash back in 2017 after enjoying an all-time high.
During such instances, WPN becomes a dumping ground for BTC, with players sending hundreds of thousands of dollars’ worth of Bitcoin to be converted into cash. This continues to remains a possibility considering BTC’s history of price crashes over recent years, however as of now, the value charts show that poker players could enjoy a long-term +EV by building their bankroll in the digital currency.
Bitcoin Bankrolls Could be the Future
Right now, more businesses than ever before are offering cryptocurrency services, the latest of them is PayPal which is now allowing its customers to buy, hold, and sell digital currencies including Bitcoin.
In Europe, majority of online poker operators allow their users to deposit via PayPal, which means crypto transactions could become the norm in online poker in the future. According to forecasts, the value of Bitcoin could potentially breach the $100,000 mark in 2021, and might even reach $1 million over the next decade.