Bitcoin Value Tumbles

The cryptocurrency known as Bitcoin has seen its value drop to $209 as of this writing, with a number of industry experts sounding the alarm that the end may be near.

The virtual currency’s appeal to the world of online poker and gambling is evident in the ability to process transactions anonymously, yet that appeal also brings with it a fear of illegal activity. A push to increase the use of Bitcoin as a payment processing alternative on poker sites began in the new year, but that push may end up falling off a cliff if those financial experts are to be believed.

The U.S.-friendly Winning Poker Network added Bitcoin for deposits last week. That followed the announced launches of Bitcoin-only poker rooms Get Lucky Poker, BitnPlay and Burnturn Poker, the latter two preparing to enter the market later this year and the former currently in beta testing.

Bitcoins have no physical form and must always be converted into another currency. Their acceptance remains a niche market at best, with mainstream acceptance seeming more unlikely as time moves on.