It appears that one of this season’s hottest transfers is likely to be finalized in terms of Bitcoins (BTC) or some other form of cryptocurrency. Instead of the value being quoted in terms of Euros, Pounds or Dollars, it seems the transfer amount for Cristiano Ronaldo’s move from Real Madrid to Juventus might just be named in terms of digital currency.
January 2018 had seen Harunustaspor, an amateur club from Turkey, sign on a player with his fee paid in digital currency. Half a year later, a semi-professional team called Gibraltar United is all set to be the pioneering football team to start paying its players in cryptocurrency. Having clinched a scholarship deal with Quantocoin, the club is gearing up to pay all its players in crypto by next season. Gibraltar had introduced concrete regulations for crypto at the beginning of 2018, enabling the club to consider this move. With other European authorities following suit, European clubs are also warming up to the idea of paying in crypto.
Cristiano Ronaldo’s transfer, pegged at roughly £100 million, is one of the biggest transfers of the season and if the transaction were to take place in cryptocurrency, it would be a notable development for the crypto industry.
This could even prove to be the starting point for a more widespread adoption of cryptocurrency in the field of sports, in terms of payments and contract finalisations.
The crypto industry has already begun dipping toes in the tumultuous but lucrative waters of football by signing some sponsorship deals with key clubs. Arsenal, for example, signed a deal with Cashbet Coin in January this year and star footballer Lionel Messi became the face of crypto start-up Sirin Labs the month before that.
Although actual transactions via crypto have not been too substantial, it appears that the adoption of virtual currency in football is definitely on the rise. If Ronaldo’s transfer really is finalized in crypto, it will spell wonders for the adoption of the emerging forms of currency.
The last few years have seen the field of virtual currency grow by leaps and bounds. The world’s enthusiasm for football has not only risen but grown exponentially with more sponsorship flowing in and greater viewership. A partnership between these two fields could prove to be immensely profitable for both spheres, boosting growth and innovation and bringing about greater adoption. With regulators gradually openings doors to crypto, it seems the good times are here to last.