Bitcoin’s Influence on Athletes’ Transition to Crypto Investors in Sports

Crypto firms are spending millions on sports, and the obvious influence on athletes encourages them to become crypto investors in the sports industry.

The crypto scenario is going through a dramatic swing of depressing lows and dizzying highs. Despite its high volatility, many believe crypto is the future currency. It has certain promising attributes, such as being extremely private, totally unregulated, and exceptionally fast. It also has notable drawbacks, including being a hazard to the environment. Despite being a double-edged sword, many popular professional athletes take stakes in Bitcoin and other major cryptocurrencies.

Many players have also negotiated their endorsement deals or playing contracts to include cryptocurrency payments directly. Now the question is whether this gamble will pay off. It is hard to conclude since most crypto have tanked quite hard during 2022. However, these athletes are still willing to hold on to their crypto earnings until the prices bounce back again. If so, they would make a great fortune with their crypto holdings. Many sports teams and athletes, such as Aaron Rodgers, Lionel Messi, Landon Cassill, Sean Culkin, Klay Thompson, and Odell Beckham Jr., have gotten into cryptocurrency because it is advertised as the future’s currency.

Let us now see what other reasons are motivating athletes to transition to crypto investors in the sports industry.

Why Are Athletes Suddenly Investing In Crypto?

Athletes are suddenly investing in crypto because it is the future’s currency, and there is no denying it. They are considering the power and autonomy of smart contracts and blockchain technology that will certainly provide for them. Additionally, they are told to invest a part of their huge salaries in different channels.

Hence, crypto is a great option for athletes as it significantly influences the changes in their profession. Crypto is an excellent investment and a means of using their investments like money. This means that their crypto is never locked into any investment fund.

Some of the professional athletes who are accepting a part of their salary for sponsorship payment in Bitcoin and other major cryptocurrencies include –

  • Carolina Panthers’ Russell Okung
  • Jacksonville Jaguars’ Trevor Lawrence
  • Kansas City Chiefs’ Sean Culkin
  • NY Giants’ Saquon Barkley
  • Former Real Madrid David Barral signed with Madrid’s DUX International to be paid only in digital currencies.

    Sports teams have also seen a rise in the acceptance of digital currencies, as many accept BTC as payment.

  • The first team to accept payment in Bitcoin is the Sacramento Kings.
  • The Oakland Athletics have also started accepting BTC for their season suites in March 2021
  • Additionally, the Dallas Mavericks have started accepting Bitcoin as a payment mode for merchandise and gaming tickets using Bitpay. In fact, the best crypto sportsbook often supports payment options through Bitpay, providing users with a seamless sports betting experience.
  • A Turkish soccer club, Harunustaspor, became the first soccer team in 2018 to buy a player using Bitcoin.

    Currently, many cryptocurrency firms are becoming huge sponsors in the sports industry.

  • Bitpay signed a sponsorship deal with ESPN in 2014.
  • Arsenal Soccer Club shook hands with CashBet for sponsorship in 2018 and became an official partner of the club.
    Litecoin has become an official cryptocurrency partner of the UFC.

  • The popular crypto company, FTX, paid 135 million for a long-term deal for naming rights to the arena of the Miami Heat.
  • eToro, a popular crypto trading platform, entirely paid for several partnerships in the premier league in Bitcoin. This was the most significant sponsorship in Europe.
  • Aston Martin’s Formula One became the first team in Formula One to collaborate with the crypto firm.

    As everything goes digital, there is no denying that cryptocurrency and blockchain are the future of the sports industry. Read more about the top sports betting sites accepting the widely accepted cryptocurrency – Bitcoin. Although initially slow, it is gradually infesting the entire sports industry. Every player’s trading cards have become digital, where they need to produce digital prints that are neither replaceable nor reproducible.

    Conclusion

    Crypto assets, blockchain technology, and smart contract technologies have become viable means to tokenize the earnings of sports athletes. Tokenization of an athlete's intellectual property, earnings, and brand has proven to be the ultimate digital asset tokenization that gives them direct access to their fans without any intermediaries standing between them. As crypto and blockchain projects expand in different industries, many other businesses are taking a step toward the sports industry to demonstrate how users, like sports athletes, can use blockchain technology.

    Cryptocurrency is no longer a secret and has finally penetrated all industries, including sports, showing its immense potential and power as a virtual currency. Leveraging crypto and blockchain technology has allowed many businesses to offer limited-edition collectibles. Its significant influence in the sports industry is affecting a wide variety of unthinkable and unforeseen aspects. Cryptocurrencies like Bitcoin, Ethereum, and Litecoin are changing the contracts and salaries of the athletes who are willing to accept them as purchases for tickets and merchandise as well as from their sponsors.