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It may seem like there’s not much of a connection between poker and cryptocurrency. As they say, though, there’s more than meets the eye. The recent upheaval in the world of Bitcoin and Ethereum could result in more than a few millionaire poker players skipping major tournaments due to a lack of money.
Many poker players have heavily invested their winnings into cryptocurrencies. With the latest heart-stopping drop in the value of Bitcoin, which fell more than $12,000, the poker economy, in particular the WSOP, could potentially suffer the absence of some of its greatest contributors. Even if they were early adopters, poker players more than likely put their cryptocurrency gains back into the market, creating a freefall for their holdings once the market tanked.
Since the majority of those participating in the WSOP come from large-field No-Limit Hold’em tournaments, as well as the main event, it’s possible that the attendance numbers at these events wouldn’t feel the effects. However, $10,000-plus events rely almost exclusively on professional high rollers, and a lot of these have their money tied up in cryptocurrency. The market is rebounding, but only slightly. If it doesn’t make significant strides soon, we could be looking at a very slow poker year.