Winning Poker Network pays out 95% of winnings in BTC

The news is a big leap forward for the legitimacy of Bitcoin (BTC) payouts in general. According to WPN CEO Phil Nagy, the spike in interest has been occasioned by the bullish run Bitcoin has had recently, pushing past the $18,000 mark in a matter of days.

Nagy said that the organisation has been forced to acquire a bigger stake of Bitcoin so as to be able to honour payouts. Previously, the company was paying out around $100 million in BTC a month, but this amount has shifted, and it now constitutes 95% of all payouts, or roughly $158 million.

Nagy explained that the interest in Bitcoin as the go-to currency was occasioned by poker players who were playing from the US and had no other reliable way of transferring money back to the mainland other than Bitcoin.

Presently, only 11 states out of 50 in the US allow online gambling. Yet, Bitcoin has proven tempting for many poker professionals, including Ed Moncada and Doug Polk, who run a crypto poker channel together on YouTube.

Previously, the WPN has set a Guinness World Record for the biggest jackpot in online poker winnings estimated at $1,050,560. However, Nagy did say that even the WPN avoided holding Bitcoin around for too long, converting mostly into FIAT to avoid volatility.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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