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, among others, made some bold takes recently on Twitter in regards to Bitcoin, which is now hovering around $50,000.
What does the future hold for Bitcoin? (Image: Forbes)
Polk, who previously ran a crypto YouTube channel, is in it for the long-haul. He believes Bitcoin is the way of the future and considers the investment profitable long-term. He certainly isn’t the only one in the poker community. Mike McDonald, Haralabos Voulgaris, and Chris Moneymaker are among those who are all-in on the cryptocurrency.
Thats also not to say I think you should sell now… I think you shouldnt. This ride could get way crazier. But what is important to take away is that when the upswing ends there could be a sharp drop, dont let that trick you into thinking its the same as the last crash.
— Doug Polk (@DougPolkVids) February 14, 2021
“I wouldnt be surprised to see a sharp decrease in $BTC price in the near future, but imo we have hit a new floor (15k+). Companies like Tesla have invested substantial money in BTC. They’ll have to defend that decision, which will be difficult if they panic sell 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 to the tune of a $1.2 million profit, is one of many poker players who has been in the crypto game for years. He first invested in Bitcoin long before it approached $5,000, let alone its current value of $50,000 for just one bitcoin.
Not everyone, however, thinks the long-term investment is worth the risk. Tony Nagatani (@AnthonyNagatani), who commented on Polk’s tweet, says, “$50K is a nice big round number and every institutional investor who bought $BTC at $10K would be hard pressed to not take 5x profit….”
Cashing in on a 500% profit sounds nice on any investment, especially one that has been relatively short-term. But some experts anticipate its value hitting $100,000 before too long, and potentially even further. Still, like any investment, there is risk and there’s no such thing as a guarantee.
Bitcoin’s rise over the past few years has been met with the occasional dip, as Polk warned could occur in the near future again. On this date (Feb. 14) just four years ago, it was valued at just a shade over $1,000, nearly triple its value one year earlier. Four years later (today), one bitcoin equals more than $48,000, an increase of more than 4,500%.
But along the way to its current price, Bitcoin has been up and down numerous times. The coin hit $20,000 for the first time in December of 2017 before plummeting to under $9,000 two months later. From February 2018 through June 19, 2019, it didn’t surpass $10,000 at any point.
As of July 26, 2020, it was still hovering under $10,000. Then it came roaring back in late October, first hitting $13,000, then back over $20,000 in December, then $30,000 just after the New Year, all the way up to its current mark a tad below $50,000.
What does the future hold for Bitcoin? Everyone seems to have a different prediction. Polk believes it’s a strong long-term investment and claims the new bottom is $15,000. McDonald shares those sentiments. With Elon Musk recently announcing Tesla is investing over $1 billion into Bitcoin, the Bitcoin price saw a massive spike. And now we’ll see if it’s sustained long-term.
Semi-pro poker player with 17 years experience on the felt and more than five years working as professional poker media.
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