Poker Sites Purchasing High BTC

Poker Site Buys $100 Million of Bitcoin Every Month to Pay Players in BTC

A major online poker website has been buying millions of dollars of bitcoin every day to meet demand from players wanting to cash out in bitcoin. This amounts to $100 million in bitcoin a month as about 95% of players now demand payouts in the cryptocurrency.

Poker Site Buys $100 Million of Bitcoin

Demand for bitcoin payouts has been rising, particularly after the recent price rally. One of the largest online poker websites, Winning Poker Network (WPN), has been buying millions of dollars worth of bitcoin in recent weeks from OTC desks to meet players’ cashout demand, Bloomberg reported Thursday, citing WPN CEO Phil Nagy.

Nagy explained that bitcoin is in so much demand that brokers are charging up to a 1.5% premium. He clarified that Winning Poker Network (WPN) does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible.

Source: https://news.bitcoin.com/poker-site-buys-100-million-bitcoin-pay-btc/#:~:text=A%20major%20online%20poker%20website,demand%20payouts%20in%20the%20cryptocurrency.

* This article was originally published here