Cryptocurrency is gaining traction, and professional athletes competing in the Olympics may help to accelerate acceptance. Athletes on the professional level are frequently trendsetters. We dress like them, buy the perfumes they recommend, and may even begin investing in the cryptocurrency they push.
Professional athletes, especially Olympians, have recently demonstrated a growing interest in cryptocurrency. Their celebrity could have a big impact on the future of cryptocurrencies by allowing new segments to enter the market.
Historically, Olympians have been forced to rely on sponsorships.
Olympic athletes, particularly those who specialize in specialized sports, have always struggled to make ends meet. According to a BBC piece from 2016, athletes are frequently required to balance degrees, several jobs, and their training schedules in order to realize their Olympic aspirations. Even though the piece was written five years ago, fundraising remains difficult.
As a result, some Olympians are turning to cryptocurrency, which has a long history. The Indian and Jamaican teams used Dogecoin to collect money to compete in the 2014 Olympics. More recently, the US luge team began accepting Bitcoin donations, which go further than a currency payment.
Tokens that aren’t fungible have become available. Fundraising Ideas That Aren’t Like Anything You’ve Seen Before
The non-fungible token (NFT) frenzy was the catalyst for the widespread adoption of bitcoin. Athletes can use these tokens to sell digital goods like videos. The NBA’s Top Shot platform, for example, allows anyone to purchase exclusive rights to videos of spectacular basketball plays.
Olympians are starting to switch to NFTs. Eliud Kipchoge, the world’s best marathon runner, sold the highlights of his career as an NFT for $50,000 in Ethereum. NFTs of this type have proven to be extremely popular. Other athletes are likely to follow suit as a new approach to gather money to fund their Olympic bids.
The Reputation of Cryptocurrency Is Difficult to Overcome
Cryptocurrency has been around for more than a decade, and it has been somewhat mainstream for at least five of those years. Despite this rising popularity, there is still a widespread perception that bitcoin is primarily utilized by money launderers, criminals, and other bad actors. This viewpoint has hampered acceptance and led to a negative attitude toward the technology among certain politicians.
Athletes that use NFTs as a fundraising tool may be able to reverse these preconceptions by using a global fan base to crowdfund their efforts. Olympic athletes may therefore concentrate on their strengths, making it simpler for athletes from less privileged backgrounds to compete.
Celebrity athletes using NFTs could demonstrate to fans and legislators that crypto technology can be a force for good in the world. It may also entice followers of these players to investigate alternative cryptocurrencies such as Bitcoin or Ethereum.
Star power has the potential to attract new crypto consumers and, in the long run, function as a positive driver of cryptocurrency prices.
So keep an eye out for your favorite athlete in this year’s Olympics; he or she could be a hodler.