Details on Why Pro-Athletes Are Investing In BTC
1. They Want to Be Able to Exert Greater Control Over Their Wealth
The endorsements and corporate sponsorships of many athletes are lucrative business ventures. The agencies that handle these transactions wind up receiving a significant portion of the proceeds. Sporting players may join agreements without having to go via intermediaries’ services such as those provided by agents, thanks to bitcoin. These endorsements entail substantial financial investments. Bitcoin payment helps you avoid excessive taxation since the capital gain rate may be lower than the regular income tax rate, depending on your jurisdiction, allowing you to avoid paying too much in taxes.
2. Bitcoin Provides Confidentiality and Protection
The government and sponsoring companies keep track of the money that athletes spend. Furthermore, because of their high visibility and popularity, athletes may become targets for fraudsters and scammers. The use of Bitcoin provides high-profile athletes with a feeling of protection by keeping their identities hidden if they want to take the appropriate measures to protect their privacy.
3. Make A Financial Investment
Athletes that make significant investments in the business stand to make enormous fortunes. Lionel Messi, Nikita Kucherov, Floyd Mayweather, and Matt Barkley are just a few elite sportsmen who have made significant investments in cryptocurrencies.
Investments In Bitcoin by The NFL And The NBA
After accepting bitcoin payments for the first time in 2014, the Sacramento Kings became the first NBA team to do so. To improve the consumer experience while purchasing season tickets and goods, the following steps were taken: According to Forbes, the Kings stated in April of 2020 that players on the team would be able to earn their salaries in bitcoin if they choose to do so. Similarly, the Miami Dolphins began taking bitcoin payments for 2019/2020 National Football League season.
Participation of Players
This event influenced Okung to pursue bitcoin. To be more specific, in May of this year, he tweeted, “Pay me in bitcoin.” Despite the Chargers’ refusal, Trezor extended an offer to Okung in the form of a complimentary wallet. The Panthers, on the other hand, will not be directly compensating the player in bitcoin. According to Coindesk, Strike aims to recruit professional basketball and baseball athletes, and the program already has baseball players from the New York Yankees and basketball players from the Brooklyn Nets participating. It is without a doubt that Okung has gotten things started.
From The Impossible to The Possible
When the seemingly impossible becomes a reality, the mental barrier that had previously prevented the accomplishment is suddenly removed Suketo the 4-minute mile, athletes who want to be compensated in bitcoin will find themselves in the same predicament. From Okung needing to convert his dollars to bitcoin four months ago to the Sacramento Kings declaring that wages would be paid in bitcoin, we see the future development in real-time right in front of our own eyes. Examine the progress made in Bitcoin acceptance in only the previous four months, much alone over the course of four years. Bitcoin itself has only been alive for 13 years, yet it has already surpassed all other assets in terms of market value, becoming the asset with the quickest time to reach a trillion-dollar market capitalization. Assuming that the price of bitcoin has increased from $1.00 per bitcoin in 2011 to $60,000 per bitcoin in 2021, envision where the adoption of bitcoin will be in another 10 years. Adoption is taking place in real-time right now. Their decisions will determine it on bitcoin, whose side of history these teams will be on in the future.
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