Bitcoin Value Rises to New Highs

BitcoinThe value of a single Bitcoin has jumped to more than $540, a new high that has not been seen in a year.

The virtual currency is currently trading at $538 as of this writing, exciting investors who point to several factors that may drive the value even higher. That may, in turn, create more confidence in Bitcoin, which will inevitably lead to growing acceptance worldwide.

That acceptance is already on the rise in the world of online poker and gambling, particularly in the U.S. where deposits by credit card are still sometimes denied. Online poker players in the U.S. intent on playing at their favorite U.S.-friendly sites get around that problem by turning to Bitcoin as a payment processing alternative.

Almost all U.S.-facing poker sites have added Bitcoin to their cashier cages. That coincides with more and more [geolink href=””]Bitcoin poker sites[/geolink] popping as well. It is not far-fetched to believe that Bitcoin may one day be the predominant means of depositing and withdrawing from poker sites in the U.S., at least in the current environment where online poker regulation nationwide is highly unlikely.

Up and Down

The value of Bitcoin zoomed to over $1,100 back in November 2013. Investors who bought in on the cheap made a killing in the market when that high was reached.

Just one year ago on June 1, 2015, Bitcoin was valued at $226. It is now nearly double that, with speculation centering around an even greater increase in coming weeks.

The recent rise in price is at least partly attributable to investors in China, as two Chinese exchanges are responsible for more than 90% of the world’s Bitcoin trading. As the yuan has weakened, trading in Bitcoin has jumped, with Chinese investors looked for ways to protect their money.

Online Poker and Bitcoin

So what does all that mean for online poker players in the U.S.? It means that the the digital currency has strengthened, both in value and trust. Bitcoin is becoming more embraced on a global scale as time goes by.

The fact that Bitcoin can be traded or moved quickly and nearly anonymously bodes well for online poker players who don’t have to wait long for cashouts. Players who frequent Americas Cardroom and Black Chip Poker on the Winning Poker Network typically receive withdrawals in a day or so.

Similar time frames for Bitcoin withdrawals have been reported at SportsBetting Poker and BetOnline Poker on the Chico Network. Ditto that for Intertops Poker on the Horizon Network. Intertops currently charges no fee for Bitcoin cashouts, which has contributed to higher traffic at the poker room.

U.S. online poker players continue to gravitate toward Bitcoin in greater numbers, which is good for the entire industry. The cryptocurrency solves previous payment processing problems, much to the delight of players.

Jacqueline Packett
Jacqueline Packett