Eleven years ago, in March 2010, a group of enthusiasts from the bitcointalk forum launched the first amateur poker tournament. The creator organized it by allocating 1500 Bitcoins, worth about $ 120 at that time, for prizes. Today, in March 2021, the same amount of BTC is worth around $ 80 million.
The first Bitcoin poker tournament
In 2010, Bitcoin was just beginning and had no use. It was not invested by institutions, it was not considered digital gold, and it had not even been traded on exchanges yet.
However, one of the first and most popular BTC forums, bitcointalk, already existed. A user named BitcoinFX came up with the idea of organizing a Texas Holdem tournament. Contrary to traditional gameplay, this one had a little twist though. Instead of using fiat currencies, the host decided to use Bitcoin.
BitcoinFX invited anyone who wanted to join. However, the number of seats was limited to ten people. The prizes were as follows:
“4 places will be paid. 1 – 750 bitcoins, 2 – 375 bitcoins, 3 – 250 bitcoins, 4 – 125 bitcoins (based on 10 players. “
The entire pool was 1,500 Bitcoins. BitcoinFX announced that it would allocate 1000 BTC from its wallet, while other players had to send 55 BTC as buy-in.
While any Bitcoin follower will say that 1 BTC equals 1 BTC and should not be compared to fiat currencies, the cryptocurrency is still largely compared to traditional money. Therefore, it is worth analyzing these awards in terms of USD then and today.
It is difficult to pinpoint the price of BTC in USD at that time. However, data from Investopedia says that in 2010 the cryptocurrency cost from $ 0.0008 to $ 0.08. If we take the highest price of $ 0.08 per bitcoin, it means that the 1,500 BTC pool was worth $ 120 at the time.
66 million percent growth
Since then, however, a lot has changed. With a BTC price of around $ 55,000, this means the asset has grown by 66,250,000% in eleven years. Yes, you read it right, 66 MILLION percent!
This makes the entire prize pool now worth over $ 80 million. By comparison, the World Series of Poker 2019 (the 50th annual tournament of the biggest poker event) had a prize pool of 80,54,600.
If we break down the prizes into entrants, it turns out that the winner’s prize today would be worth $ 40,000,000, 2nd place – almost $ 20,000,000, 3rd place – $ 13,250,000,000, and 4th – $ 6,625,000. What’s more, the entry fee itself at today’s prices is almost $ 3 million.