Recently, we've seen athletes get paid in Bitcoin and some sports clubs making an investment in cryptocurrencies. These are all pointers to the many opportunities sports can get from Bitcoin. However, could it be that there is more to get?
Bitcoin in the Sports World
In recent years, Bitcoin has enjoyed impressive growth, way more than any other cryptocurrency available. Its long-standing existence, decentralized nature, and global availability are factors responsible for this growth. The growth of this virtual currency has drawn the attention of many investors from different sectors of human activities. Interestingly, the sports world is not left out of this drive as we have major sports clubs and athletes investing in Bitcoin.
For example, a Carolina Panther was the first NFL player to be paid in Bitcoin. The cryptocurrency market also features several sports enthusiasts who invest in Bitcoin.
All of these bring to mind the very important question – where and how do sports and Bitcoin meet? What is the future of the sports industry with the increased adoption of Bitcoin?
The Fusion between Sports and Bitcoin
The sports world runs on a huge budget needed to carry out the frequent events that go on. From paying athletes to keeping the stadium and every other facility in good shape, money is needed. Relying on a single source of income doesn't exist in the sports world. Instead, clubs and institutions try to diversify their investments. With Bitcoin price surging over the years, you will not be surprised to see that these sports clubs invest in it.
We also have players who, outside their clubs' activities, are investing in one digital coin or the other. For some, the decision to buy Bitcoin cash is what is best for them, while others prefer to go for new prospects like Dogecoin and Litecoin. Whichever option these people go for, what matters is that they are investing in cryptocurrency and enjoying the rewards that come with it.
For certain clubs, they have gone ahead of others to partner with Bitcoin-related firms. This is why you see some sports attire having the names of certain Bitcoin exchanges on them. Some of these exchanges include BitPay and eToro, which sponsors notable football clubs like Leicester City, Crystal Palace, and Tottenham Hotspur.
The Benefits That Comes With Adopting Bitcoin
As someone unfamiliar with happenings in the cryptocurrency market, you might be wondering why the sport's world should consider Bitcoin investment. Here are major benefits sports stand to benefit from Bitcoin.
—It gives athletes better control over their wealth.
Athletes who have to invest in different channels need to go through many intermediaries. Not only are these intermediaries costly, they sometimes take a lot of time before they close in on deals beneficial to the athlete. The adoption of Bitcoin will mean these individuals can have maximum control over their assets. They can make payments and enter into deals without the services of intermediaries.
—When athletes or sports enthusiasts use Bitcoin for payments, they can evade the high tax rate charged on these deals and endorsements.
You will discover from all of these that athletes won't only own their wealth but can minimize spending and cut down on high tax rates.
—It guarantees privacy and security.
Whether it's an athlete or a sports club, institutions have a way of tracking their spending habits. These tracking activities can sometimes result in restrictions on the spending activities of these clubs and individuals. That activity could also create an avenue for hackers and crackers to break into the financial walls of athletes and sports clubs.
However, all these challenges can be addressed when clubs and athletes transact in Bitcoin. Blockchain technology creates a secure platform that guarantees enhanced privacy and security as the identities of both clubs and players are kept private from the public.
Bitcoin and the Future of Sports
As technology continues to advance and everything begins to go digital, increased adoption of Bitcoin is expected. In the coming years, it is believed that more sports clubs will go into partnerships with Bitcoin firms. There is also a projection of sports tickets being sold in Bitcoin. As such, you don't have to pay in cash when you can get a ticket to your favorite sports event by paying with Bitcoin.
Finally, we live in a crypto-driven world where every payment can be made virtually. Bitcoin has not only come to stay but is to be adopted by every sector, including sports. Those who fought the adoption of Bitcoin yesterday are the chief investors driving Bitcoin price today. From reducing frauds in the sports world to giving athletes full control over their wealth, there's a lot for the sports world to benefit from Bitcoin.