Bitcoin In Sports And What The Future Holds
This piece delves into why are professional athletes investing and asking to be paid in Bitcoin. Well, Bitcoin is Best!
WHY PRO ATHLETES ARE INVESTING IN BITCOIN
1. To Have More Control Over Their Wealth
Bitcoin gives athletes more control over their money by cutting intermediaries. Many athletes have endorsements and corporate sponsorship deals. The agencies that manage these deals end up taking a significant amount of money.
By using bitcoin, athletes can enter deals without necessarily going through middlemen services like the kind agents offer. These endorsements involve large amounts of money. Using bitcoin for payment helps to avoid high taxation as the capital gain’s rate can sometimes be lower than ordinary income tax, depending on your jurisdiction.
2. Bitcoin Provides Privacy And Security
The government and sponsoring companies track athletes’ spending habits. In addition, their high profile and fame can get athletes targeted by fraudsters and scammers. Bitcoin gives high-profile athletes a sense of security by keeping their identities private should they decide to take the necessary privacy precautions.
Bitcoin is one of the fastest-growing sectors of financial technology. By investing in the industry, athletes are poised to reap massive profits. Some top athletes with massive investments in cryptocurrency include Lionel Messi, Nikita Kucherov, Floyd Mayweather, and Matt Barkley.