Elon Musk Helps To End Bull Run in Cryptocurrencies

Published on May 25th, 2021 7:44 pm EST

Many poker players have a significant amount of their net worths tied up in cryptocurrencies like Bitcoin, Ethereum and Dogecoin.

After all, some of the biggest poker sites in the world, including GGPoker and ACR, allow players to deposit and withdraw using cryptocurrency.

And, if you are a player in a state or country that doesn't have regulated poker, you likely depend on cryptocurrencies to fund your account.

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Over the past couple of weeks, many poker players have become increasingly frustrated with Tesla CEO Elon Musk.

Musk helped to propel the bull run in cryptocurrencies after he announced earlier this year that Tesla would be converting a significant portion of their balance sheet from cash to Bitcoin.

After years of publicly being against cryptocurrency, Musk had finally switched sides, which led many to rejoice.

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That all changed a few weeks ago when Elon Musk publicly scrutinized Bitcoin, claiming that he was concerned about the "rapidly increasing use of fossil fuels" for Bitcoin mining.

This helped to spark a crash in cryptocurrencies which saw Bitcoin, the largest cryptocurrency by market cap, fall by more than 50%. Other smaller coins were even more badly hurt.

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As mentioned, many poker players have a significant amount of their net worths tied up in cryptocurrency. It is how many poker players fund their accounts, trade money, etc.

It's safe to say that these players aren't very big fans of Elon Musk right now, and many are wishing that Musk had never spoken up about Bitcoin at all.

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Filed Under: Other Poker News