When the world’s best chess players face off this week, they won’t just check out their opponents. They will also check the price of Bitcoin.
Sixteen grandmasters, including the top 10 in the world, face off and face off in a typically tense elite-level chess tournament, just like everyone who has watched
s “The Queen’s Gambit” will know.
But there is a twist this time, as the tournament organizers put it the volatility of the world’s # 1 cryptocurrency in the mix.
The winner of the FTX Crypto Cup, which started on Sunday, will take home $ 220,000 plus an additional $ 100,000 in Bitcoin provided by the FTX crypto exchange, which sponsors the tournament. That’s a record total prize for an online tournament.
However, that $ 100,000 in Bitcoin – or 2.1825 Bitcoin – is now worth just over $ 81,000, according to the live prize fund tracking on the tournament website. At one point on Monday it fell below $ 70,000. As the competition does not end until May 31, there is still plenty of time for the winnings to fluctuate.
The tournament is one of 10 events in the $ 1.5 million
Champions Chess Tour, which the organizers have dubbed “the richest and most prestigious online chess event in history”.
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The rules make it clear that the additional price pot is $ 100,000 of Bitcoin from the price of the cryptocurrency at 2:30 p.m. on May 17 – $ 45,819, which makes the price pot of 2.1825 Bitcoin.
The world’s first Bitcoin chess tournament comes during a particularly volatile time for cryptocurrency.
Price fell to a 24-hour low of just above $ 31,000 on Sunday, more than 50% below its mid-April high of $ 64,829.14. It comes in the middle environmental concerns related to mining of Bitcoin, raised by
Managing Director Elon Musk, and a repression by China on the sector. It has since gained ground to trade just over $ 37,000 early Tuesday, according to data from CoinDesk.
The unpredictable nature of Bitcoin appears to have filtered down to gamers, with world No.1 Magnus Carlsen risking a premature exit after an unstable tournament start.
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