Bitcoin

Drake Loses $300K Bitcoin Bet, ARG Fan Token Soars 40%

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Canadian rapper Drake lost another Bitcoin bet after Argentina beat Canada 2-0 in the Copa America semifinals. The Argentine Football Association (AFA) fan token soared over 40% following the victory.

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Bitcoin Bet Lost: Did The ‘Drake Curse’ Do It Again?

On Monday, Drake shared on Instagram that he had bet against the Argentina National Football Team. Ahead of the match, the rapper placed a $300,000 bet in Bitcoin that the Canada National Football Team would defeat the World Cup champions 1-2.

Drake also teased the Argentine fans, saying, “This could get Messi.” If realized, the Canadian rapper would have received a $2,880,000 payout in Bitcoin.

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Drake bets against Argentina. Source: Instagram

Canada reached the semifinals after beating the tournament’s revelation, the Venezuela National Football Team, in penalties. Meanwhile, the current World Cup champions also beat Ecuador in penalty shootouts.

Drake’s bet resulted in a loss after Argentina knocked Canada out of the Copa America. Following the victory, the AFA social media accounts took a jab at the rapper using Kendrick Lamar’s diss track ‘Not Like Us.’

Nonetheless, this is not Drake’s first rodeo with Bitcoin bets. Football watchers and the crypto community joked that the ‘Drake Curse’ continues after the loss. The Canadian rapper has a track record of losing hundreds of thousands with his sports bets and ‘cursing’ the teams the shows support.

Despite this, the rapper has also received profits from his crypto bets. He bet $1.15 million in Bitcoin in favor of the Kansas Chief’s victory in this year’s Super Bowl. The victory resulted in a return of $2.35 million in flagship cryptocurrency.

ARG Fan Token Soars 40%

Another victor was the Argentine Football Association Fan Token (ARG). The token saw a remarkable performance after Argentina booked its pass to the Copa America final.

ARG’s price registered red numbers ahead of the match as the token traded at $1,13 on Tuesday afternoon. This performance represented a 4.4%, 4.8% decrease in the daily and weekly timeframes. The token also exhibited a 35.6% price decline from the previous month.

After Argentina beat Canada, the fan token’s daily trading activity skyrocketed 227%, reaching a trading volume of $5.2 million. Before the match, ARG’s trading volume was around $1.4 million, according to CoinGecko data.

On Wednesday morning, ARG surged 41%, briefly hitting the $1.6 mark before retracing. As of this writing, the token hovers between the $1.55-$1.59 price range.

The recent performance represents a 35.7% and 120% increase in the weekly and yearly timeframes. However, the ARG fan token remains 81% down from its all-time high (ATH) price of $9.1 during the 2022 World Cup.

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Similarly, the Spain National Football Team fan token (SNFT) saw a 10% increase. On Tuesday, Spain knocked France out of the European Championship, winning 2-1. As a result, the SNFT went from trading at $0.023 to $0.026. Both tokens could see further positive price action depending on the result of their team’s respective finals.

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Bitcoin is trading at $58,457 in the five-day chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com


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