Bookie offers 9/4 on bitcoin value hitting $500 by year end

Bookmaker Paddy Power is seeking to cash in on the bitcoin publicity wave, offering odds of just 9/4 on the virtual currency being worth more than $500 a pop by the end of the year.

Be the first to comment

Bookie offers 9/4 on bitcoin value hitting $500 by year end

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Bitcoin has seen its value shoot up more than 70% so far this year, leaving the notoriously volatile currency currently trading at around $72.

Paddy Power is betting that the value will continue to rise, with the 9/4 odds on more than $500 far shorter than the 9/1 being offered for a price of $100 or less by the end of the year. Anything in-between - $101 to $500 - is available for an unappealing 2/5.

Meanwhile, the bookie is offering 16/1 that bitcoin will become legal tender in any country by the end of 2017 and 100/1 that troubled Cyprus will use it as the national currency by the end of 2017.

Punters can also speculate on the nationality of 'Satoshi Nakamoto' - the pseudonymous person or group of boffins who launched the Bitcoin network in 2009. Japan is the current runaway favourite, ahead of the US, China and the UK.

A Paddy Power spokesperson says: "Admittedly Bitcoins are a bit confusing, but their value seems only to be heading northwards." Although, alluding to news that a Canadian man is trying to sell his bungalow for bitcoins, he adds: "Not sure you'd put your house on it though."

Equally, as Finextra friend Dave Birch remarks on Twitter: "This is completely stupid. Why would you take odds of 9/4 instead of just buying the Bitcoins?"

Sponsored [Webinar] Using modern technology platforms to create an AI-driven bank

Related Company

Comments: (0)

[Webinar] Using modern technology platforms to create an AI-driven bankFinextra Promoted[Webinar] Using modern technology platforms to create an AI-driven bank