According to the Managing Director of eToro UK, bitcoin payments for soccer players between premier league clubs may become a reality within the year. A number of soccer clubs and players have recently been endorsing cryptocurrencies as well as creating their own. While this is mainly PR-related, the use of bitcoin in the premier league will significantly save on transfer costs and could streamline accountancy procedures. eToro has claimed to be the first company ever to pay for a premier league partnership in bitcoin.
eToro and bitcoin in the premier league
eToro has announced partnerships with some premier clubs this season, including Tottenham, Leicester City, Crystal Palace, Newcastle, Southampton, and Brighton & Hove Albion. Payments will be made to players bitcoin wallets in a historic event for the premier league and general bitcoin adoption. The payments are to be made through the players eToro wallets. eToro is based in Tel Aviv and was among the first large Forex firms to accept, adapt, and promote digital currencies without reservation. According to a recent announcement from eToro UK CEO Iqbal V Gandham –
“I do feel that within about six to twelve months we will see a player transfer in the Premier League completed using bitcoin.”
The benefits cited by Gandham include instant payments using a single currency as well as increased transparency. In terms of total player transfers, the market stands at around GBP 1.2 Billion, and we could soon see more teams using bitcoin instead of fiat for player transfers. Other soccer leagues around the world, as well as other sports, could also start to use bitcoin instead of fiat, boosting adoption and trade volume. Foreign players paid in bitcoin could send the currency to poorer regions in bitcoin instead of fiat, avoiding banking fees and encouraging families at home to adopt and use the technology, with its inherent advantages.
Cryptocurrencies in sport
The premier league is not the only sports league to take advantage of cryptocurrencies. The Sacramento Kings (NBA)have confirmed that they are mining ETH, and the Mavs are contemplating the acceptance of bitcoin as a means of payment. Brazilian soccer club Aviv FC have launched their own ICO to raise funds. In 2014, the Jamaican bobsleigh team raised USD 25,000 in Doge to finance their trip to the Sochi Olympics. Other initiatives are in place aside from transfers and payments, such as an increase in fan engagement with the use of cryptocurrencies and a combination of blockchain technology with fantasy sports leagues.
Thus far, there has been relatively little integration between cryptocurrency and sports. However, the trend is there and month by month more teams and leagues are accepting and promoting cryptocurrency. The benefits of using a feeless, instantaneous, transparent ledger compared to a costly and slow fiat process are becoming too big to ignore for most sports outlets.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.