Should Sports Athletes be Paid in Crypto as Bitcoin Surges above $100k mark?

The Cryptocurrency market has seen a considerable amount of positive growth in the last one month following former American President Donald Trump victory at the November polls returning him to the white house.

Following this positive trend, the least of worries for bitcoin traders is not the current surge but stability in the market considering other market forces in the USA and world over when Donald Trump takes office in January. Since the November elections, the cryptocurrency market especially Bitcoin has seen about 33% rise in prices.

This has boosted confidence in investors to throw in a 'little bit more' into the market as future growth is expected.

For the broader conversation on payments and exchanges using cryptocurrency for individuals and corporations, I will look back to a market research that was done some two years ago. The publication was issued in regards to a number of athletes that agreed with their various employers to have their wages paid in crypto. About seven of them were listed and if they continued to receive their wages via crypto till now is what we don't know.

The seven listed athletes are, Klay Thompson of the Golden State Warriors, Andre Iguodala also of Golden State Warriors, Odell Bekham Jnr of Los Angeles Rams, Shohei Ohtani of Los Angeles Angels, Aaron Rodgers of Green Bay Packers, Cade Cunningham of Detroit Pistons and Trevor Lawrence Jacksonville Jaguars. It is worthy of note that these agreements between players and teams were done in 2021. And in 2022, just a year after, the crypto market saw a sharp decline in most cases of between -9.0% to a whooping -32.0%. But this situation has changed with the present circumstances that  has seen Bitcoin on a steady rise.

But from recent crypto outlook, there seem to be hope and prospects. The world therefore should look into encouraging investment and wider use of the crypto space. In sports where monetary exchange comes in large sums, the use of crypto will help facilitate and cut burdens of charges on individuals and corporations.

I will suggest this method of payment for players in the sporting world. For two reasons, Price growth and Easy accessibility and Use. This is because crypto is now recognised in almost every country of the world with even El Salvador having Bitcoin as a legal tender.

Amount deposited in a crypto account is automatically seen as an investment and would grow without even any input. The market simply adjusts with time, responding to certain indices.

I wish and hope more countries will adopt it as a legal tender with more sportsmen and women also accepting payment with same.