Bitcoin and Football: A One-Two Punch?

Some are wondering how this will affect Bitcoin's brand image in the future.
By Savannah Moss
Image: Westend61 | Getty Images

At first, Bitcoin and football seem a somewhat strange combination, but is it so? Last year, several football clubs embraced crypto and teamed up with crypto companies. Last week, bitcoin announced its takeover of a football club. Is this a temporary hype, or can a signal also be derived from these developments? If you want to start bitcoin trading check the bitcoin trading system

Bitcoin is no longer taboo.

Several football clubs from the Eredivisie, the highest football division in the Netherlands, signed sponsorship deals with crypto companies last year. With Ajax, Feyenoord, AZ, NEC, Sparta Rotterdam, PSV and Vitesse, the counter is now at seven. Bitcoin is intended to become mainstream. At PSV, for example, the total sponsorship amount is paid in bitcoin and transferred to the football club’s wallet. PSV had a first with this. It is the first club in Europe to have the sponsorship amount paid out in bitcoin.

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The following is about the sponsor deal. An unknown part of the sponsorship amount is guaranteed. This part is equal to the cost of the advertisements. So should bitcoin fall sharply in value, PSV will not be left empty-handed. However, when bitcoin increases significantly in value, the PSV get benefits from this. It is expected by the respective bitcoin company and PSV. PSV sees the sponsorship amount to be received as an investment and wants to keep the bitcoins for a long time.

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On the other hand, there are also football clubs that market ‘fan tokens’ and clubs that partner with companies behind ‘dog tokens’. Fortuna Sittard is the first club in the Netherlands to have released a so-called fan token. The token allows supporters to become more involved with their club. Fortuna Sittard follows the example of Barcelona, ​​Juventus and Paris Saint-Germain, among others. In addition, FC Twente is the club that has signed a sponsorship deal with the company Floki that has launched a coin named after Elon Musk’s dog. In the Korte Corner in Studio Voetbal, Marcel van Rosmalen explains why Floki is a real FC Twente coin…

Bedford FC

Peter McCormack, known for ‘ The What Bitcoin Did Podcast ‘, recently announced that he has taken over the football club Bedford FC from his hometown. A dream comes true for the seasoned bitcoin. The plan is to get Bedford FC into the Premier League, the top football division in England. For this, the club has to promote no less than nine times. So it’s an excellent job.

Bitcoin should help Bedford FC with McCormack’s optimistic plan. For example, bitcoin will serve as the club’s heart, operating on a bitcoin standard. It means, among other things, that Bedford FC players will be paid in bitcoin, and an educational training program for supporters will be established. Ambition radiates from McCormack’s ambitious plan. However, whether bitcoin will help Bedford FC climb the ladder to the Premier League remains to be seen.

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Finally – football & gambling: a one-two punch?

While Bitcoin and football may seem like a one-two punch, it is also bad for Bitcoin’s image. Unfortunately, football and gambling go hand in hand. Unfortunately, crypto also encourages gambling, so it may be logical for crypto companies to associate themselves with football clubs. This could damage the image of Bitcoin, which focuses on long-term incentives and positive societal changes through a new view of monetary policy. Regulations in this regard have also been changing recently, which is encouraging. In short, we hope Bitcoin differentiates positively and is not just associated with short-term gains and gambling behavior that is incredibly dominant in the altcoin market.

Bitcoin Companies Form Coalition to Promote Market Integrity

Solidus Labs and several companies from the bitcoin sector have united in the Crypto Market Integrity Coalition (CMIC). This new coalition must combat market abuse and manipulation and thereby promote the market integrity of the bitcoin market as a whole. Ultimately, the promise that the companies in the coalition have made to each other is to ensure a safer market and better cooperation with regulators and regulators.

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What’s in the promise?

But what exactly does the ‘ public and unequivocal committed ‘ say? In other words: what is in the promise? First of all, the coalition states that it aims to promote the market integrity of the bitcoin market and the efficient functioning of the market itself. Furthermore, the coalition participants should integrate market integrity and efficiency principles into their activities and business strategies.