More than 60% of the volume of transactions is executed with the cryptocurrency. The price of bitcoin started 2020 at 7,200 dollars, today it is at 18,500.
A conglomerate of online casinos is buying more than 100 million dollars in bitcoin (BTC) monthly to service the payments of its players. The Costa Rica-based Winning Poker Network revealed that the uptrend of cryptocurrency is incentivizing withdrawals of funds in crypto assets.
Every day the company manages, through over-the-counter (OTC) platforms, the acquisition of bitcoins to meet the increasing demand of gamblers, according to a report by Bloomberg, the director of the betting firm, Phil Nagy, referred to this fact when saying:
“Right now 90-95% of our payments are from people asking for bitcoin because it is going up. We continuously have to go out and buy bitcoin in heaps, by heaps, more than we have had to do before, “said the representative who assured that this percentage was previously 60%.
The executive explained that more than 60% of the total volume of business transactions is executed in bitcoin, which speaks of the level of acceptance of the cryptocurrency in the world of casinos. The boom in acquiring BTC would also affect the commissions charged by brokers per operation for a figure of 1.5%.
Another reason bitcoin use is probably on the rise is that in the conglomerate punters are hoping not to pay taxes when using cryptocurrencies. According to Nagy, 60% of users are from the United States, a country that has made efforts to control the holding of cryptocurrencies.
As for the deposits of players in bitcoin, the Winning Poker Network clarified that it does not maintain positions in the cryptocurrency. The foremost reason is the volatility of BTC, so daily, they also sell large amounts to exchange for fiat currency.
The online poker industry has grown 43% since April thanks to the pandemic, according to research citing the report by The Business Research. The factors that are creating this behavior are the closure of traditional casinos and generalized quarantines.
The complicated health situation around the world is hitting economies and thousands of industries. In any case, the cryptocurrency ecosystem is attracting more and more interest, something that is directly connected to the price of bitcoin.
In January of this year, the price of the main cryptocurrency was 7,200 dollars per unit. Last March, and after the declaration of a pandemic, bitcoin reached its lowest price until now this year when it was exchanged on some exchanges for about $ 3,800. Currently, BTC is trading at $ 18,500. In April, members of the cryptocurrency community took part in a virtual poker game to raise funds in the fight against the coronavirus.
By Jenson Nunez