Bitcoin is Plunging But Poker Players Find Humor in Losses

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.

Bitcoin plunge poker players

The Bitcoin plunge is putting some poker players on tilt. (Image: theverge.com)

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.

At least he has a sense of humor. Doug Polk, who makes crypto videos on YouTube, joked about the naysayers.

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.

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.

Jamie Kerstetter found a benefit to the crypto decline.

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.

 

 

 

Jon Sofen
Written by
Jon Sofen
Semi-pro poker player with 17 years experience on the felt and more than five years working as professional poker media.

Comments

vovqa93 wrote...

Yeah that’s life. Bitcoin and all this crypto is not a business but a technology for future. Glad about people who made some $ with investing, but anyway all was informed for sure that this won’t be for ever. You can find videos where developers saying that this is not a business but a technology for making things/trades easier for future. (I didn’t invested anything, just was spectating how it’s going on).

yard47 wrote...

I have been investing into BTC before the first real bubble in 2014 popped and made several hundred thousands of dollars, despite family members (with financial advisory background) trying to talk me out of it.

I have been there when everyone thought in 2014 that this was the last high we would ever see, but I found that quite weird. Why would investors that made hundreds potentially millions of dollars and exited the market at the right time, why would they never want to invest again or try another round?

Everything that has value and is traded by a majority of people is following the same market cycles in general. But people do not generally know of this. They will invest when it is a hot topic and most early investors have shoved their coins into these new hype buyers for their profit. The market will plunge and early investors will buy the weak hands that have entered too late.

This will happen again, and again and again (in stock, in commodities, in real-estate, crypto etc.). Just read up on market cycles and psychology and how to see profitable enter and exit stops for yourself.

After selling 80% of my portfolio in the beginning of January this year, I have bought and sold several times (making even more profit) and have now started accumuliating BTC and other top 100 coins again.

See you in another 2-3 years when I will cash out a 10000% profit, in the meantime I will crush these poker tables 🙂

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