How harmful would a Bitcoin crash be for poker?

After a turbulent week for Cryptocurrency it looks like the poker community would be hurt significantly if Bitcoin had a major crash.

bitcoin

If you are unaware about the recent price drop in Cryptocurrency then you clearly do not follow poker players on Twitter. As I mentioned in my suggested New Year’s Resolution for poker players you should at least pay passing attention to the price of Bitcoin in 2018 to understand how it will be impacting poker.

No doubt it will be different by the time you read this, but just under a year ago a Bitcoin was worth about $1,000, then it skyrocketed as high as $17,900 and this week went below $6,000. Still a great return for anybody who got in early but not so much for recent adopters.

Twitter suggests we are all in on Crypto

I made a prediction at the start of this year (a vague one I admit) that the numbers in poker, especially big buy-in events, would be influenced by the price of Crypto in 2018. The upcoming $1 million buy-in One Drop, for example, could be its lowest ever if Crypto plummets again or it could have a waiting list of 50 players if it goes the other way.

It’s hard to tell what exactly accounts for tournament fields for any single tournament but it will be interesting to look at the year as a whole for Crypto and contrast it with major tournament attendance. This week the Sunday Million had a staggering $1.2 million overlay, but that was probably in part because of clashing with the SuperBowl (the biggest sports betting event of the year). 

One thing which clearly suggests that a Crypto price drop could impact the poker economy is just looking at Twitter. You only need to see how poker players react to any major swing, upwards or downwards, in price to realise how much money the serious player community has locked up in Crypto.

A Black Friday reminder

black friday
A harsh reminder not to have all your funds in one place

This worries me for precisely the same reasons that Jared Tendler spoke to us about at the end of the year. I really hope that everyone in poker who is taking Bitcoin seriously does not have a significant portion of their net worth in Crypto (enough to harm them financially) because we are still in the Wild West stage of this new form of finance – anything could happen. The poker community hopefully has learned from Black Friday that keeping your net worth in any single financial entity is not ‘bullish’, it is idiotic.

I hope for poker that Crypto continues to soar because it is obviously good for everybody in the industry – pros, recreational players and those of us who work in it. But more than anything I hope that the poker community remembers the hard lessons of not spreading out risk that we learned from Black Friday.

How significantly would a major Bitcoin crash impact poker from small stakes to the nosebleeds? Let us know in the comments:

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Comments (1)

  • arvis77

    #1

    I waiting btc price off then i buy 100 or 1000 pcs for kid future , i dont like risk so it will be good then he can make good future if it up , if i buyed btc now i deposited all in poker thats hurt will be cause price is on red now .