If you are a football fan or follower, you will agree that football transfers are a multibillion-dollar industry and especially the English premier league which is one of the most important football leagues in the world. With premier league clubs to use Bitcoin for transfers, this could open the industry to another set of potential users but also lead to massive capital flow into the space.
Yesterday August 20, a decision was made by seven top premier league clubs to use Bitcoin during transfers. The clubs which have shown their interest in using the digital currency include; Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton and Crystal Palace.
These clubs have already agreed to set up a digital wallet with some of them even stating their confidence on cryptocurrencies and its potential to replace the British pound in the multi-billion-dollar industry.
Etoro, the trading platform behind this new move said they expect bitcoin to help clubs “tackle tickets touting and counterfeit mechanizing”
Etoro in a bid to spark more interest in cryptocurrencies paid the 7 clubs for a sponsored partnership deal in cryptocurrencies. “We’ve done a sponsorship deal, but rather pay them in traditional pound notes we’ve paid them in Bitcoins. What they choose to do with that is entirely up to them”
According to the head of Partnerships at Tottenham, dealing with innovative technologies like cryptocurrencies is something the club is always open for.
“the club is committed to technology and innovation” Frans Jones.
Meanwhile, Paul Baber, the Chief executive at Brighton said, “ the project will help us understand the true potential offered by blockchain”
This will, however, not be the first time that Bitcoin or cryptocurrencies will be linked to the football industry. Some footballers have already in the past accepted payments in Bitcoin while superstars like Michael Owen has been rumored to be planning on launching his own cryptocurrency.
What are your thoughts on this move? Do you think if this trial becomes successfully applied we can expect a huge impact on the entire space?
Share your thoughts below.
