Saturday, February 24, 2024

Athletes have started to take compensation in Bitcoin.

Crypto has been becoming more mainstream as time passes and continues with its adaptation even while it is in the bear market. Despite the crypto movement losing momentum, individual athletes have been accepting crypto as a form of payment recently.

In the month of July itself, Luana Pinheiro, a UFC fighter from Brazil, collaborated with Bitwafe and converted some of her salary into crypto. The crypto payroll service provider was thrilled.

Even the New York Yankees have a similar operation going on right now. They have partnered with NYDIG, who are based out of New York itself. They give players compensation in the form of Bitcoin and have seen positive reactions from all sides.

These two developments came after Alex Barret from the NFL and Summer Rae from WWE also accepted Bitcoin as compensation. With the rise of cryptocurrencies, Defi tech has been accepted by many institutions. People are seeing the advantages of DeFi.

But this has not come without a backlash. Many people say that these athletes are promoting risky investments. With the crypto world in turmoil as of now, it is safe to assume that they are a highly volatile investment. BTC hit an all-time high in August 2021 but as of now, it is at $22k.

The athletes have been raking in the profits of the BTC though, their BTC compensation since January has seen a great increase in value. And most sports organizations say that the BTC compensation is here to stay.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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