A team led by well-known poker pro Mike McDonald was among the standout performers at the inaugural World Series of Trading (WSOT) – a global cryptocurrency trading competition in which competitors are ranked based on their profit/loss ratio while using Singapore-based trading platform Bybit.
McDonald, who became the youngest poker player ever to win a European Poker Tour title in 2008 and boasts more than US$13 million in live tournament cashes, took his team to a third place finish in the WSOT, whose name is a play on the World Series of Poker (WSOP).
The WSOT attracted 135 competing teams and 12,368 participants, with a total overlay prize pool of US$1.27 million in cryptocurrency paid out to the top 10 teams.
McDonald stated afterwards that there were a number of skills that were needed for success in both poker and cryptocurrency trading.
“A lot of poker players are good at making financial decisions while limiting the role that emotion plays – that would be one of the skills that transfers particularly well to trading,” he said.
“There will be times when crypto prices will hit the roof or post massive dips. Do you follow the herd or stick to your own strategy? Just like in poker, the choice is yours. Jump tables or stick to yours and play the game skilfully.”
Bybit CEO Ben Zhou said, “If you’re a beginner in crypto trading, the gurus will advise you to research thoroughly about the types of crypto assets, not putting all your eggs in one basket, and trading per your risk appetite and bankroll management needs. It’s similar to how a beginner in poker would typically study the game: up skill, start with low-level stakes and take calculated risks while devising strategies that suit them best.”
The WSOT will return in 2021 and is planned to be held twice a year.