Poker-playing investors obsess over Bitcoin

Jon Sofen
Published by:
Posted on 01/18/2021

Poker players on social media are wildly obsessed with Bitcoin, especially recently with the cryptocurrency’s roller coaster price fluctuations. Pros such as Doug Polk and Haralabos Voulgaris are all-in on this investment vehicle.

Polk is far from a newcomer to the Bitcoin game. In fact, he previously ran a cryptocurrency YouTube channel that accumulated 166,000 followers. He moved on from the content creation but remains an avid investor.

“Bitcoin was never supposed to be a zero volatility currency. It was supposed to be a monetary supply free from manipulation of people and gov, governed by math and code. Sounds like this writer has lost his original reason for writing,” Polk wrote on Twitter, challenging an article critical of the use of Bitcoin.

Polk has been adamant about investing for the long haul. He has been critical of those who choose to short the coin, such as Dan Bilzerian, the wealthy poker player who sold off his Bitcoins two years ago.

Voulgaris is also committed to the investment. The high-stakes pro and former legendary NBA bettor constantly retweets cryptocurrency-related posts on Twitter.

Up and down, just like a poker tournament

Poker players should be used to the ups and downs of Bitcoin. The game of poker is similar in that one day you’re feeling great and the next you feel like a truck just ran you over and took all your money.

Bitcoin’s value has risen drastically over the past few months. At this time last year, the coin’s value was at $8,800, barely one-fourth its price less than two years prior.

But as of Friday, the cost to purchase one Bitcoin is over $35,000, and it reached $41,000 last week. Over the past month, investors have gone on quite a wild ride. A month ago, the value was at $19,000, then it hit $41,000, and then dropped all the way back down to around $30,000 earlier this week before again spiking a bit.

Bryan Micon, a poker player and expert investor, wrote a little poem to express his views on investing in Bitcoin right now.

Poker players are obsessed with Bitcoin again. Many are hopping on the bandwagon, but some are cautious to invest, fearing that a plunge may occur in the not-too-distant future.

All signs, however, suggest Bitcoin has room to grow. Some investors anticipate the value of the coin to rise to as high as $100,000 by next year. Given its recent trends, that prediction might not be too far off base.

It’s not just an investment, either. Cryptocurrency buying trends show Bitcoin is gaining acceptance as a legitimate payment method.

Featured image source: Twitter