Gamers choose to withdraw at Bitcoin amid the rally, says On-line Poker Big
One of the largest poker networks in the world has stated that its players currently prefer Bitcoin to fiat money for withdrawals.
Winning Poker Network, which operates a number of online poker sites, has been forced to buy millions of Bitcoin every day to meet the demands of players.
As Bloomberg reported on Thursday, 90-95% of Winning Poker's payouts are in Bitcoin due to recent price increases, said the company's CEO Phil Nagy. “We have to buy Bitcoin all the time, many. Lots. More than we've ever had to. "
According to Nagy, the company generates more than 60% of its transaction volume in Bitcoin, which is roughly $ 100 million per month. Geographically, most of the Bitcoin demand comes from the US, although online poker is illegal in most states.
Bitcoin is up 155% so far this year, driven by bullish cryptocurrency fundamentals, fiat currency inflation, and the global coronavirus pandemic.
Nagy noted that his company does not hold Bitcoin but prefers to switch to fiat immediately due to the volatility of the digital asset. However, he also said that should Bitcoin fail, players will pay with the cryptocurrency to liquidate quickly, meaning that his company "somehow stuck to it".