Hello there, today in this article, we will discuss why are athletes investing in crypto. So keep reading.
In early 2021, the use of cryptos for trading was banned by some governments. The clampdown prevented most investors from coming into the industry. But today, the narrative has changed and it has become inevitable that digital currencies are here to stay.
That explains why various sports are currently investing in this trend. No business or investment is devoid of risks. Opposers of cryptocurrency investments have always hinged their arguments on its instability and high stakes. There is no arguing that people who receive their salaries or invest in cryptos are taking significant risks.
Despite the potential risks, the stats show that athletes increasingly ask for salaries and bonuses via cryptocurrencies. So let’s look at some athletes currently getting paid in cryptos. That information will help us leverage the march madness schedule.
So let’s start with our topic Why Are Athletes Investing In Crypto:
Saquon Barkley is a player with the New York Giants. He earns over 10 million dollars from different sponsorship, marketing, and endorsement deals. What’s most impressive is that this individual has decided that all that money should be converted to bitcoin.
According to him, that means multiplying his wealth for future generations. Saquon Barkley believes that as the value of bitcoin rises, he will be making more money.
Odell Beckham Jnr
It turns out that Odell Beckham Jnr is also in one such partnership. In his case, he has agreed to receive the proceeds of a deal he signed with a payment service in bitcoins. The deal costs about 4.2 million US dollars per year.
Odell Beckham was pleased to discuss his bitcoin experience on Twitter. He gladly announced that he intends to collect his 750 thousand US dollars salary in bitcoin. Odell Beckham ended his tweet by saying you can join the trend or get left behind.
NFL fans were stunned when Trevor Lawrence demanded that all his 24 million US dollars earnings from his signing bonuses be paid into a cryptocurrency app.
Trevor made the move after signing a partnership deal with the cryptocurrency app. The app is for investing in cryptos. According to a statement from an impeccable source, this was the first endorsement deal of its kind. That is because it demanded the payment of signing fees in cryptocurrency. As expected, the announcement was greeted with mixed reactions on Twitter.
There is an existing agreement between UFC and Crypto.com. A partnership deal was signed between both stakeholders sometime in 2022. The deal stipulates that UFC will pay their bonuses in bitcoin to the best fighters. According to the deal, the overall best, first, and second runner-ups will receive 30 thousand US dollars, 20 thousand US dollars, and 10 thousand US dollars, respectively, as bonuses in bitcoin.
UFC fighters have been excited about the deal. They have been very optimistic about the future of crypto. That is why the UFC fighters are buying into the idea.
The number of cryptocurrency users in 2023 has increased by a great percentage. As seen above, more people are indulging in the use of cryptocurrencies.
Professional athletes receiving endorsement proceeds in crypto forms were very few in 2020. I am sure there was only a handful of them back then.
However, in 2020, a good number of freelancers were already receiving their invoice payments in digital currencies. Moreover, that number has surged today, as most freelancers prefer cryptos to other forms of online payments due to the high exchange rate.
The implication is that cryptocurrency transactions will keep rising. And with the mounting unemployment rate, more people will eventually be involved since freelancers seek ways to actualize cross-border payments.
More Sports Are Getting Involved
If you have followed the post carefully, you will discover we mentioned a few sports already using cryptos for one form of transaction or the other. Interestingly, many sporting outfits, from car racing brands to football clubs, indulge in various crypto transactions.
The number of sports getting involved will eventually increase as time develops. Naturally, this will trigger an increase in value for the cryptos in question. Those are good reasons why you must pay attention to investing in cryptos today. You can get started by reading the history of the different cryptocurrencies to see which one fits your investment goals.
Are you still patronizing a betting company that does not accept BTCs when you have crypto assets? Then, that means you are not moving with the trend.
The reality is that we have several betting companies that accept cryptos for betting. It must not be only bitcoin. It can be any other high-profile cryptocurrency. March madness schedule is worth looking into because they accept cryptos for betting. Rush to the platform to see how to take advantage of such an opportunity.
Why Should Anyone Invest in Crypto?
2021 witnessed the highest number of crypto investments. Millions of people bought one crypto asset or another. Moreover, most clients paying their freelancers with BTCs started doing so in 2021. But what brought about the increased patronage?
Cryptocurrencies are volatile in their nature. In one year, we saw BTC rise to as high as 60 thousand US dollars and dip to as low as 19 thousand US dollars. This instability is what investors are cashing in on. Unlike fiat currencies that remain the same when stored in a savings account, cryptos can increase or decrease in value when stored in their wallets. You can trade them directly from their respective wallets if you want to.
Wrapping Up: Why Are Athletes Investing In Crypto
The debates on whether cryptocurrency investments are worth it are no longer ongoing. Even though he pulled out later, Elon Musk was the first to announce Tesla’s interest in buying 1.5 billion US dollars worth of bitcoin. Likewise, athletes have decided to toe that path because of the dividends of such investments. So put your digital currency wallet into good use today by looking through the march madness schedule. Cryptocurrency investment is a risky investment; always remember to bet responsibly. I hope you like this article Why Are Athletes Investing In Crypto?