ShareIt’s been a tough few months for crypto aficionados. After a spate of record highs in recent times, the entire industry has seen a massive loss of confidence and prices crashing to lows not seen for years.
Bitcoin hit a record $67K only a year ago and was still touching $50K in March 2022, but now the value of the world’s largest cryptocurrency has fallen below $19K. Rough times.
Doug Polk Still Believes
Poker players have been some of crypto’s most ardent fans since the industry was born. None more so in recent years than Doug Polk who has repeatedly recommended that investors place as much as 10-60% of their wealth into crypto, depending on the portfolio breakdown.To be fair, I have advised people to put a portion of their net worth (I believe I've said between 10-60% depending on your portfolio) into crypto since Bitcoin was a few hundred dollars.
— Doug Polk (@DougPolkVids) June 15, 2022
I'm not a trader, I'm a long term value investor. Long run Bitcoin will increase in value. https://t.co/KUeVm1bwlN
So, of course, now that the market is experiencing worrying times the naysayers are all jumping on the anti-crypto bandwagon and saying they knew this was coming.
When crypto is rallying the pro-crypto people speak up, when it's crashing it's all the haters coming out of the woodwork. I'm gonna own my position either way, still think btc/eth are great buys that will increase in value significantly over the next 5+ years
— Doug Polk (@DougPolkVids) June 19, 2022
We have no idea how much Polk has lost in the last three months but it can’t make good reading for him.
Good night everyone. Looking forward to what feels like the 100th straight day of counting the financial damage that occurred in the 7 hours I dont check prices.
— Doug Polk (@DougPolkVids) June 19, 2022
One player who might be feeling the worst of it is Matt Kirk. Four years ago he was rumoured to hold a whopping 66,000 bitcoin that was worth at the time $592,034,190. If he held the lot until the peak last year his stash would have been worth $4.4 billion!
That’s quite some loss if he didn’t see this coming but at least with $1.25 billion he won’t be broke anytime soon.
What About Crypto Poker?
There hasn’t been any negative news regarding crypto poker sites lately but we wonder if the well-covered news about price decline by the mainstream media will put some off from even attempting to buy any crypto to be able to deposit.The next year will tell us a lot about how the cryptocurrency industry can withstand such a downturn in fortunes and probably give us a better idea of how suitable it is for the gambling industry in general.
Analysts didn’t sound overly concerned about the medium to long-term future, reporting that there should be some good opportunities to buy in the coming months.
Mark Newton, technical strategist at Fundstrat, said: “Bitcoin has had good success over the last dozen years at making cyclical lows every 90 weeks. Lows should be right around the corner according to this cycle composite, and one should be on alert in the month of July, looking to buy weakness for a healthy rebound, just as sentiment seems to be reaching a bearish tipping point."
