Most poker players have been significantly invested in more than just their poker games. Take Bitcoin, along with other cryptocurrencies, for instance. Doug Polk, among others, produced some daring takes lately on Twitter in regards to Bitcoin, which is now hovering around $50,000.
What does the future hold for Bitcoin? (Image: Forbes)
Polk, who formerly ran a crypto YouTube channel, is in it for the long haul. He believes Bitcoin is the method of the future and considers the investment profitable long-term. He definitely isn’t the only one from the poker community. Mike McDonald, Haralabos Voulgaris, along with Chris Moneymaker are one of those people who are all-in on the cryptocurrency.
Thats also not to mention I believe that you should sell today … I think you shouldnt. This ride could get way crazier. However, what’s important to take away is that when the upswing ends there could be a sharp fall, dont let that fool you into thinking exactly the same as the previous crash.
— Doug Polk (@DougPolkVids) February 14, 2021
“I wouldnt be surprised to see a sharp reduction at $BTC cost in the not too distant future, however imo we have hit a new floor (15k+). Businesses like Tesla have invested substantial money in BTC. They’ll have to defend that choice, which is difficult if they fear sell the first dip,” Polk wrote on Twitter.
Long-Term Future of Bitcoin
Polk, who invested heavily in his heads-up poker game contrary to Daniel Negreanu to the song of a $1.2 million profit, is among the many poker players that was at the crypto game for ages. He spent in Bitcoin long before it approached $5,000, let alone its current value of $50,000 to get just 1 bitcoin.
Not everyone, however, believes the long-term investment would be well worth the risk. Tony Nagatani (@AnthonyNagatani), that commented on Polk’s tweet, says, “$50K is a great big round number and each institutional investor who bought $BTC at $10K would be hard pressed to not take 5x profit…. ”
Cashing in on a 500% gain sounds nice on any investment, particularly one that has been relatively short term. However, some experts expect its value hitting $100,000 before too lengthy, and potentially even farther. Still, like any investment, there is danger and you also ’s no such thing as a guarantee.
Bitcoin’s grow over the previous few years was met with the occasional dip, since Polk warned could occur in the near future again. With this date (Feb. 14) just four years ago, it had been valued at just a shade over $1,000, nearly triple its value annually earlier. Four years later (today), 1 bitcoin equals more than $48,000, an increase of over 4,500 percent.
However, across the way to the current cost, Bitcoin has been down and up numerous times. The coin hit $20,000 for the first time in December of 2017 before plummeting to under $9,000 two weeks afterwards. By February 2018 through June 19, 2019, it didn’t surpass $10,000 at any point.
At July 26, 2020, it was hovering under $10,000. Then it came roaring back in late October, initially hitting $13,000, then back $20,000 in December, then $30,000 shortly after the New Year, all of the way up to its current mark a bit below $50,000.
What does the future hold for Bitcoin? Everybody seems to have another prediction. Polk believes it’s a powerful long-term investment and claims the new base is $15,000. McDonald shares these thoughts. Together with Elon Musk lately declaring Tesla is investing $1 billion into Bitcoin, the Bitcoin cost saw a enormous spike. And today we’ll see whether it’s sustained long-term.
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