Poker Websites Buying Millions of Dollars Worth of BTC Per Day to Meet Crazy High Customer Demand

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Poker Websites Buying Millions of Dollars Worth of BTC Per Day to Meet Crazy High Customer Demand

Bitcoin is helping people get hilariously rich as it continues to surge. According to Bloomberg, online gamblers have also taken to cashing out in BTC to get their winnings bigger and bigger.

Winning Power Network, which operates AmericasCardRoom.eu is one of the poker websites that reported buying millions of dollars worth of Bitcoin a day from the over-the-counter (OTC) trading desks in recent weeks to meet the demands of its players, which is dominated by Americans despite online poker being illegal in most states, said Chief Executive Phil Nagy. He said,

“Right now, 90-95% of our payouts are people asking for Bitcoin because it’s going up.”

“We are constantly having to go out and buy Bitcoin — lots. Lots. More than we’ve even had to before.”

More than 60% of its transaction volume, which is about $100 million a month, is currently in Bitcoin. Due to this crazy high demand, brokers are charging up to a 1.5% premium.

This makes sense given that Bitcoin beats the traditional asset by a wide margin, up 150% YTD reaching $18,600, a level last seen right around the peak of December 2017.

While before this rally, 60 of WPN’s customers were cashing out in Bitcoin, this has now shot over 90%.

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CRYPTONAIRE LYWEEK

CRYPTO investment journal