A group of crypto enthusiasts is trying to raise $4 billion using a decentralized autonomous organization (DAO) in an effort to buy Denver Broncos, which is up for sale. DAOs mainly use cryptocurrency technology to track and validate participation in the group. It also uses the same to facilitate the inner workings of how to raise and distribute large amounts of cash.
The group of crypto enthusiasts who have set their sights high on the Denver Broncos is an eclectic mix of attorneys, software developers, accountants, pro athletes, and a mathematician. Sean O’Brien, a businessman, and legal expert is spearheading the cause. He described their intention as a bit crazy and a bit badass.
O’Brien highlighted their purpose to establish an infrastructure for fans from all walks of life to be owners of the Denver Broncos. The football team is valued at around $4 billion. And is expected to garner the biggest price tag in North American sports history.
In an official statement, the trustees of the Denver Broncos said they are keen to sell the team by the start of the 2022 NFL season. O’Brien highlighted that the DAO officially doesn’t go live until the first week of March. In the time being, smart contracts and crypto wallets are being set up. O’Brien pointed out that the BuyTheBroncos cause needs to cover a lot of ground, that too, fast to have a striking chance.
Meanwhile, the Colorado state governor Jared Polis is building up excitement around plans to accept cryptocurrencies for state tax payments. Polis has expressed enthusiasm about the group’s intentions of buying Denver Broncos. He highlighted that it will take a lot of money. Polis believes that if one’s imagination is big enough, anything can happen. He said he would be happy to be a part of it.