Bitcoin is tanking and many poker players who have invested in it are understandably concerned with their portfolio, but still find humor in the unfortunate situation.
You won’t be successful at poker if you can’t handle adversity. So, no surprise they’re handling it well, at least on the outside.
Internally, it could be a different story. Losing thousands of dollars isn’t fun. As of Sunday morning, one Bitcoin is valued at $3,700. That’s up nearly $3,000 compared to the same day two years ago. While that seems impressive, it doesn’t tell the full story.
Most investors didn’t get in the game until the past year. On this date exactly one year ago, the coin was worth over $9,100. Last year is when cryptocurrency really took off and became a hot investment vehicle.
Poker Players Find Humor in Losses
So, if you began investing at this time last year, you’ve lost big time. And it’s even worse for those who purchased the coin last December when it was valued at over $19,000. Dan “Jungleman” Cates is one of those unfortunate investors.
BTC is crashing and I bought some at the top. This sucks a lot but can't sell, damn. Just too crazy to do that. Now it would be really crazy to buy some real low despite big losses, who could be that insane? ME! I might be that insane! Hahahaha
— Daniel Cates (@junglemandan) November 23, 2018
At least he has a sense of humor. Doug Polk, who makes crypto videos on YouTube, joked about the naysayers.
Well it looks like the haters were right, it turned out bitcoin was a total scam and was worth nothing all along.
Well except for the thousands of dollars each one costs, but yeah essentially worthless.
— Doug Polk (@DougPolkVids) November 20, 2018
While he has a point, not everyone began investing when Bitcoin’s price was low. And this post was from November 20. Since then, the coin has taken another 16 percent plunge. And it appears the bottom hasn’t yet been reached.
Many investors are considering cutting their losses short, while those who got in the game a couple years ago are contemplating selling now for profit instead of risking the bottom falling off. Some experts predict the bubble to completely burst while others expect a rebound.
More Poker Tweets on Bitcoin
Will “retired” poker players make a comeback now that Bitcoin is tanking? That’s the question some are asking on social media.
Do you have odds on how many poker players are going to come out of retirement in 2019?
— Geoffrey Tomes (@GeoffreyTomes) November 25, 2018
Tony G, now a Lithuanian politician, isn’t concerned with Bitcoin’s plunge. He still has confidence in cryptocurrency as a whole. He believes another, more “stable” coin is the future of crypto.
Tether is the best stable coin. I have looked into it myself and met with Deltec bank. In fact tether has provided lots of stability during market volatility https://t.co/Nz0GnvkvCQ
— Antanas Guoga (@TonyGuoga) November 24, 2018
Jamie Kerstetter found a benefit to the crypto decline.
You know it’s bad when people like me can almost afford a bitcoin
— Jamie Kerstetter (@JamieKerstetter) November 25, 2018
Although some poker players have a sense of humor when it comes to Bitcoin, losing money is no laughing matter. Many investors have lost thousands of dollars over the past year chasing what some thought was a get rich quick investment.
Now it’s up to the investors to decide if it’s time to sell or stick with it.