February 14, 2021
Gossip, Rumors & Buzz
Many poker players are heavily invested in more than just their poker games. Take Bitcoin and other cryptocurrencies, for example. Doug Polk recently took some bold shots on Twitter regarding Bitcoin, which is now around $ 50,000.
Polk, who previously ran a crypto YouTube channel, has been around for the long term. He believes that Bitcoin is the way of the future and considers the investment to be profitable in the long term. He’s certainly not the only one in the poker community. Mike McDonald, Haralabos Voulgaris and Chris Moneymaker are among those who are familiar with the cryptocurrency.
Neither does that mean I think you should sell now … I think you shouldn’t. This ride could get a lot crazier. But what is important is that when the upswing ends, there can be a sharp drop. Don’t be fooled by the fact that it is the same as the last crash.
– Doug Polk (@DougPolkVids) February 14, 2021
“I wouldn’t be surprised to see a sharp drop $ BTC Price in the near future but imo we hit a new bottom (15k +). Companies like Tesla have invested considerable money in BTC. They have to defend this decision, which will be difficult if they panic selling the first dip, ”Polk wrote on Twitter.
Long-term future of Bitcoin
Polk, who invested heavily in his heads-up poker game against Daniel Negreanu with a profit of $ 1.2 million, is one of many poker players who have been into the crypto game for years. He first invested in Bitcoin long before it neared $ 5,000, let alone its current $ 50,000 value for just one bitcoin.
However, not everyone believes that the long-term investment is worth the risk. Tony Nagatani (@AnthonyNagatani), who commented on Polk’s tweet, said: “$ 50K is a nice big round number and any institutional investor that has bought $ BTC at $ 10K it would be difficult not to take five times the profit … “
Achieving a 500% return sounds good on any investment, especially a relatively short-term one. However, some experts believe the value will hit $ 100,000 in the near future, and possibly even higher. However, as with any investment, there is a risk and there are no guarantees.
Bitcoin’s surge in recent years has occasionally been hurt as Polk warned it could happen again in the near future. On that day (Feb.14) just four years ago, it was valued at just over $ 1,000, almost three times its value a year earlier. Four years later (today), one bitcoin is equivalent to more than $ 48,000, which is an increase of more than 4,500%.
However, Bitcoin has been up and down several times on its way to its current price. The coin hit $ 20,000 for the first time in December 2017, before falling below $ 9,000 two months later. From February 2018 through June 19, 2019, it never exceeded $ 10,000 at any time.
It was still under $ 10,000 as of July 26, 2020. Then it roared back in late October, hitting $ 13,000 first, then over $ 20,000 in December, then $ 30,000 just after the New Year, to its current mark which was just under $ 50,000.
What does the future hold for Bitcoin? Everyone seems to have a different prediction. Polk believes this is a strong long-term investment and claims the new low is $ 15,000. McDonald shares these feelings. When Elon Musk recently announced that Tesla is investing over $ 1 billion in bitcoin, the price of bitcoin spiked. And now we’ll see if it lasts for the long term.
Semi-pro poker player with 17 years of experience in the felt and more than five years as a professional poker medium.
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