But to sustain this type of a move, larger institutional players are necessary to ensure that demand never slackens, or else the volatility for which the pioneering cryptocurrency is infamous could come roaring back. Well, a reporter with Bloomberg who apparently set out to identify some of the big players in the market has made an interesting discovery: For years now, digital poker websites have been a constantly growing source of demand for the cryptocurrency, since customers often prefer to cash out in bitcoin, instead of USD, or some other currency.
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While the percentage of customers dealing in crypto was roughly 60% last year, that percentage has grown to 90%+, forcing poker companies to work out pricey OTC deals with brokers. Phil Nagy, the CEO of Winning Poker Network, a Costa Rica-based operation that runs some of the world's most successful poker websites, told Bloomberg his company is buying millions of dollars' worth of crypto per day.