Cryptocurrency and Poker: Big Moves and Big Losses This Week

Cryptocurrency is making waves in the global poker industry this week. Resorts World Las Vegas will accept cryptocurrencies as payment when it opens. The casino-resort has partnered with Gemini, a cryptocurrency exchange and custodian, to allow patrons to use their Gemini crypto wallet to enhance the integrated resort experience.

Meanwhile, over in Macau, casino-based investment firm Success Universe Group Ltd has purchased 24.3 Bitcoin with a value of over $1million. The company recently reported an $18million loss due to its share of losses from Macau integrated resort Ponte 16, but has invested in cryptocurrency as part of efforts to diversify its investment portfolio.

Elon Musk's comments about Bitcoin caused a significant drop in its price. Musk’s Tesla company invested $1.5billion in Bitcoin earlier this year, but recently did an about-turn, concerned about the environmental cost of mining crypto. Despite his Tesla company not actually selling their crypto-hoard, the price came tumbling down, with Doug Polk commenting: “I think what is most disappointing about the recent @elonmusk change of heart, is how incredibly unsophisticated and inaccurate his understanding of cryptocurrency is.” Jan Arends speculated on Leonard’s poll: “Probably more likely that a single player lost >10m, than that all of them combined lost <10mill...” Meanwhile Joey Ingram had a message for Musk: “Please leave bitcoin and go away to your own planet with Hellmuth and the other home game buddies.”