Bitcoin in Sports – Street N ‘Sports

Cryptocurrencies are constantly talking about them. Although they barely raised their price tag to $ 60,000 and their market has skyrocketed, they are now ready to enter the world of sports. Indeed, due to its popularity, Bitcoin is especially interesting in football as well as basketball.

Socios and his currency “Chilez” in the world of football

Cristiano Ronaldo is the first football player to be paid with cryptocurrency. This came after he scored the 770th goal of his career when he received the 770 JUV, Juventus’ virtual currency. Which is undoubtedly a surprise. Indeed, this is the result of a project called Socios.

Given the lack of fan influence over their favorite sports club, Socios and CEO Alexander Dreyfus, French businessman and co-founder of Winamax, came up with a great idea to launch the app in 2019. Its principle is simple. All you have to do is go to the app, buy Chiliz (the official currency of Socios) and exchange it for Fan Tokens. After receiving these tokens, fans can interfere with the decisions of their favorite sports club.

However, decision-making power is limited as clubs set their own barriers. Indeed, it makes sense that virtual coins do not allow fans to interfere with transfer or budget decisions. They only offer them the right to vote on certain club initiatives, such as the design of the shirt, for example, or the music played in the stadium during matches (as did Juventus). In short, each club is free to choose what it wants to offer to its fans in order to increase their commitment.

NBA plans to pay its players with bitcoin

The soccer field isn’t the only one showing interest in Bitcoin. New technology tycoon and California NBA franchise owner Vivek Ranadive is also considering integrating this new payment method into the sport. In fact, he recently announced that he would like to offer virtual currency payments to Kings members. Even gamblers will be paid in bitcoin, he said.

However, this is not the first time cryptocurrency has appeared in the basketball world. Indeed, since 2014, Sacramento, one of the pioneers on the other side of the Atlantic, has already adopted Bitcoin in their room. At the time, it was used to buy tickets or derivative products. But then the movement quickly spread to the NBA in Dallas, where this new payment method was allowed.

It remains to be seen whether the mighty California League will accept the offer. Indeed, in October 2019, a player named Spencer Dinwiddie asked to turn his dollar contract into virtual chips. Apparently the league banned him. This is why it is difficult to imagine today that the franchise will accept this offer from the owner of Kings.

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