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One of the largest poker networks in the world has claimed that its players currently prefer bitcoin to fiat money for payments.
Winning Poker Network, which operates a number of online poker sites, said it was forced to buy millions in bitcoins a day to meet the demands of outgoing players.
As Bloomberg reported on Thursday, 90–95% of Winning Poker’s payments are in bitcoin due to recent price hikes, the company’s CEO Phil Nagy said. “We have to constantly go out and buy bitcoins, a lot. A lot. More than we had to do before.”
According to Nagy, the company is recording over 60% of its bitcoin transaction volume, around $ 100 million per month. Geographically, most of the demand for bitcoin comes from the United States, despite online poker being illegal in most states.
So far this year, bitcoin has risen 155%, supported by bullish cryptocurrency fundamentals, fiat currency inflation and the global coronavirus pandemic.
Nagy noted that her company does not hold bitcoin, instead preferring to convert to fiat without delay due to the volatility of the digital asset. However, he also said that when bitcoin is down, players will pay with the cryptocurrency as a way to liquidate quickly, meaning his company has been “stalled a bit.”
