Sunday, September 19, 2021

Bitcoin – Poker community now offers ‘95% of payouts’ in Bitcoin — round $160M month-to-month

Successful Poker Community, a web based community that helps quite a few on-line poker web sites internationally, has reported a surge in demand for Bitcoin payouts. 

In an Nov. 19 report from Bloomberg, the CEO behind Successful Poker Community, or WPN, mentioned that as much as 95% of poker gamers are at the moment requesting to be paid in Bitcoin (BTC).

Although the poker community has supported a number of cryptocurrencies since 2014, WPN CEO Phil Nagy said that the corporate wanted to make extra BTC purchases than ever due to demand attributable to the latest price motion previous $17,000 and $18,000 in a matter of days.

“We’re continuously having to exit and purchase Bitcoin — heaps,” mentioned Nagy. He estimated that even earlier than this latest price surge, the WPN was paying out greater than $100 million in BTC each month, roughly 60% of all transactions on the community. Extrapolated to the 95% of payouts Nagy reviews is at the moment occurring, and assuming the identical quantity, that might equate to roughly $158 million in Bitcoin every month.

In line with Nagy, nearly all of clients taking part in poker on the community reside in the USA, which may assist clarify their choice for crypto as a medium of exchange provided that on-line playing is authorized in solely 11 out of 50 states. The CEO, who is predicated in Costa Rica, admitted to not checking whether or not gamers file their winnings for tax functions.

“It’s a piece round to flout the regulation, probably not the adoption Bitcoin needs to be after,” mentioned Reddit consumer HighFivePuddy. “Not exactly great PR.”

Bitcoin and on-line poker has an extended historical past collectively and there are numerous parallels between the favored card recreation and crypto buying and selling, proper all the way down to the terminology of ‘know when to HODL.’ Former and present skilled poker gamers have been closely concerned with crypto, together with Blockfolio co-founder Ed Moncada and Doug Polk, who additionally runs a crypto YouTube channel.

One of many greatest crossover moments in crypto and playing got here final 12 months, when WPN set a Guinness World Report for the biggest crypto jackpot for on-line poker winnings — $1,050,560, or roughly 106 BTC on the time.

Even with this degree of adoption throughout the on-line playing world, Nagy mentioned that the WPN normally transformed Bitcoin it obtained from gamers straight into fiat to keep away from coping with the volatility. Nonetheless, that may not be the case for for much longer if demand for Bitcoin payouts continues to rise. 

On the time of publication, Bitcoin is priced at $17,831, having risen greater than 9% within the final 7 days.