Major global investment platform, eToro which is involved with football in a big way predicts that within the next few months Bitcoin instead of fiat cash will be used for signing a player in the Premier League.
On the other hand, experts from the field see it as a danger, as they believe cryptocurrencies are unregulated and could have severe ramifications for the sport.
In recent times, football as a game has evolved it has witnessed a surge in the use of blockchain technology. According to recent reports, the focus of blockchain is to bring fans closer to the clubs and it has increased over the past few months.
During the month of September, Socios.com revealed that they have entered into a partnership with clubs like Juventus and Paris Saint Germain (PSG) in a bid to offer fan tokens.
“Fans of both clubs will be able to buy a digital currency called chiliZ and exchange it for Fan Tokens which can be used to vote on club matters such as the team kit,” read the report.
At the beginning of October, Hull City club was bought by Hull City Supporters’ Trust from ex-owner Assem Allam through the help of SportyCo, a blockchain-based crowdfunding company for £45m.
It was reported that the trust has come up with their own coin known as Hull City Coin with which fans can purchase match tickets and merchandise.
Sport Ledger (SPSL), an innovative platform that features blockchain technology will be bankrolled next year by Hal Robson-Kanu, West Brom striker and former Wales player. He is also the co-founder of the platform.
If we look at transfers, a Turkish club Harunustaspor signed a new player using Bitcoin. It paid him 0.0524 in Bitcoin which equals £384.12 at the time of transfer.
eToro, which accommodates users to invest in cryptocurrency has entered into a partnership with seven Premier League teams that include Brighton & Hove Albion, Cardiff City, Crystal Palace, Leicester City, Newcastle United, Southampton, and Tottenham Hotspur.
The teams will be paid in Bitcoins for having promoted eToro.
Image via Shutterstock
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