Bybit to Host $1.8M Bitcoin Trading Competition With Poker Pros
Bybit has turned to the poker world for inspiration in devising its latest trading game. World Series of Trading (WSOT) draws from its Las Vegas poker counterpart, only instead of chips, players will be laying down leveraged longs and shorts as they compete for the 200 BTC prize. Just to further reinforce the synergies between the two sports, WSOT will reportedly have a number of poker legends taking part.
Bybit has yet to reveal the identities of the poker pros who will be participating in its flagship event, but it shouldn’t have any trouble in attracting known names: the $2 million in prize funds will take care of that. Its flagship trading event isn’t just designed for big shots, though: WSOT is open to traders of all ability levels and position sizes. Participants who don’t walk away with a share of the prize money will at least qualify for a 20% discount on trading fees during the two-week competition and USDT bonuses worth up to $9,400.
Crypto Trading Competitions Grow in Stature
Trading competitions are popular with exchanges, many of whom offer a regularly changing array of events with rewards based on volume. Generally speaking, the more crypto that’s swapped during the promotional period, the greater the rewards the trader will be entitled to. Exchanges such as Binance, CoinFLEX, KickEX, and dozens of others regular run trading events of this nature.
Binance has previously hosted competitions for its futures exchange, dispensing prizes of up to 330 BNB a day, based on each trader’s ROI. Such competitions are commonly held to celebrate the launch of a new product or trading pair. KuCoin Futures, for instance, held one such event in June to mark the launch of ETH contracts.
Bitcoin Meets Poker
There will be no poker getting played at Bybit’s WSOT – it’s strictly a Bitcoin trading event – but in other respects, there are clear parallels between the two pursuits. Bitcoiners are known for their love of charity poker events; Messari’s recent virtual conference, Mainnet, culminated in a poker tournament in which proceeds went to charity. The same spirit of friendly competition will be channeled in Bybit’s August WSOT event, even though the prize at stake will be significantly greater.
Bybit has run trading competitions in the past, though nothing of the same magnitude. Up until now, its largest event was 2019’s BTC Brawl, which had a prize of 100 BTCs. It will be interesting to see whether Bybit’s decision to double the prize of its previous flagship event will prompt other derivatives exchanges to enter the ring. Trading competitions have traditionally been the preserve of spot exchanges; Binance, Bitfinex and KuCoin periodically hold events of this nature. In upping the ante, Bybit has demonstrated that it’s not afraid to take risks in its quest to gain market share.
Crypto Twitter is awash with traders who are prone to boasting about their success rate. Many are unwilling to reveal the size of their position, however, in the winning trades they post. World Series of Trading will give them a chance to put their money where their mouth is. To claim the top prize, though, they’ll need to fend off stiff competition from poker pros and traders from traditional markets, who are sure to be enticed by the 200 BTCs prize.