The world of sports is a multi-billion dollars’ investment, the players and virtually everybody around the sporting community are well to do in one way or another, but the recent involvement of cryptocurrency is helping the industry to become way more significant than earlier anticipated.
The Ultimate Collaboration
Sochi 2014 winter Olympics in Russia was filled with a lot of glitz and glamour, but more interesting was the fact that the Jamaican Bobsleigh team raised $30,000 in Dogecoin to be able to afford the trip to the European country.
The singular act had a surprising effect on the price of the cryptocurrency, with Dogecoin rising about 50% against Bitcoin in the waning days of the bull market of late 2013/ early 2014.
The year 2014 also witnessed a great partnership between Bitcoin exchange giant, BitPay and ESPN to rename the Beef O’ Brady Bowl to the St. Petersburg Bitcoin Bowl. The stadium was littered with Bitcoin-accepting vendors, Bitcoin ATMs and BitPay tried its best to turn the host community into a Bitcoin haven with lots of crypto innovations and incentives.
Though the partnership ended after just a year, it remained a bold and noble gesture, one that would never have been forgotten by the millions of college football fans who encountered bitcoin and cryptocurrency through that singular act.
Fast Forward To 2018
Since the effective collaboration between the sporting community and the digital currency in 2014, quite a lot of efforts have been made to strengthen the bond between the two communities.
eToro announced an advertising partnership with seven English premier league sides earlier in the year, the deal was settled in Bitcoin and represents one of the largest blending of cryptocurrency and sport to date.
Crypto exchange, CoinDeal also signed a partnership with English Championship side Wolverhampton Wanderers to put their logo on the Wolves’ jersey sleeves.
American Basketball team Sacramento Kings also announced that they would be accepting Bitcoin as part of their payment option, while also continuing the mining of Ethereum at their basement’s arena.
The continuous relationship between the two communities will only get better, as more top teams will soon join the crypto train, once they see the success stories of the other teams. However, the lifespan of the relationship is dependent on the longevity and durability of the cryptocurrencies, as most teams would likely abandon the project if they witness a crack in the crypto community.