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18th Dec 2017

The Bitcoin lottery could make you €14m richer

Michael Lanigan

Bitcoin | JOE.ie

Sometimes one bet isn’t enough.

The first regulated Bitcoin lottery has launched in Ireland, with the draw taking place weekly between Monday and Saturday.

Exclusive to Lottoland, the Bitcoin Lottery could see a payout of 1000 BTC, or €14.2m to the top seeded tier of winners.

Following the same format as the traditional Spanish national lottery, only with the added paranoia of being regularly informed that you are inside the next financial bubble, entrants select six out of a possible 49 numbers. Those who match all six could win the jackpot of 1000 BTC, while those who get five numbers can win 1 BTC.

Costing €3.50 per ticket, the first draw will take place at 9.30pm (European Central Time) on 18 December.

Alternatively, there is an option to take the money in cash, if the idea of continuously gambling on one lotto ticket is too terrifying. However, anybody who decides to take cash will not be able to make avail of the potential increased value.

Still, considering the odds of winning are 1 in 13,983,816, it would be safe to say continuing to invest in the Bitcoin market would be a more grounded bet by comparison.

Set up in 2008, by either an individual or group known as Satoshi Nakamoto, Bitcoin came to greater prominence during 2017 after it rose in value by over 1,700% between January and December. On Friday 15 December, it hit another record high when it was valued at $17,800, before on Monday 18 December, it was reportedly being traded for $19,000.

This might not be even remotely close to the actual peak either, Ronnie Moas, founder of Standpoint Research and one of the few to predict this unprecedented surge in value said in a recent interview with CNBC.

“Bitcoin is already up 500% since I recommended it in the beginning of July, and I’m looking for another 500% move from here.”

“The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world.”

Just think about that for a few minutes. It would get you a lot of Freddo bars.

 

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