Poker pro Mike McDonald finishes well in the inaugural World Series of Trading crypto event
By Bob Garcia
The cryptocurrency trading competition drew strong participation from around the world
The inaugural World Series of Trading (WSOT) cryptocurrency trading competition just finished successfully, and the third place was for none other than poker pro, Mike McDonald, whose team did very well thanks to his poker skills. This global cryptocurrency trading competition had participants working on having the best profit/loss ratio while using the Singapore-based trading platform Bybit. McDonald is already a successful poker player, as he was the youngest player to ever win a European Poker Tour title back in 2008 and accumulated over $13 million in live tournament winnings.
The WSOT had 135 teams and a total of 12,368 participants fighting for a portion of the $1.27 million prize pool given in cryptocurrency that was destined to be split among the top ten finishers. According to McDonald, who led his team to the third place, there were multiple skills that were needed to collect success in this challenge for 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 skillfully.”
The first edition of this competition was quite a success; therefore, the organizers confirmed that the WSOT will return in 2021 and is planned to take place twice a year.