Salary in Bitcoin? This Dutch football club has bullish plans!

Dutch football club AZ Alkmaar is planning to pay its players’ salaries in Bitcoin, a move that comes after its new partnership with official crypto exchange partner Bitcoin Meester.

The football team announced its collaboration with the national cryptocurrency exchange earlier in July.

AZ Alkmaar has not only opted to add Bitcoin tokens to its inventory, but has also decided to make all its transactions in Bitcoin, from sponsorships to player auctions.

Bitcoin, the world’s largest virtual currency, has become a popular topic of discussion among football clubs and their fans. This crypto craze is likely to increase digital gold adoption across the sports industry. 

One of the leading global cryptocurrency exchanges, Crypto.com, also partnered with Formula 1 to tap into the speed sports industry. In EuroCup 2020, the best goal scorer of every match was awarded a non-fungible token (NFT) trophy. This digital trophy is redeemable through crypto marketplaces, and buyers of these NFTs can make payments in cryptocurrencies. 

Online influencers and celebrities have already been capitalizing on their fan following by posting about their investments in altcoins and stablecoins. Athletes and other star sportspersons have also been getting paid in crypto tokens from commercial enterprises. Thus, the Netherlands-based football team’s acceptance of Bitcoin has added one more bullish signal to the global crypto market. 

The Hong Kong-based crypto exchange FTX has onboarded American football player Tom Brady and supermodel Gisele Bundchen as a stakeholder and green mining ambassador, respectively. The crypto exchange has its operations across the United States.

However, the looming crypto regulations are still creating a lot of confusion among investors. The Netherlands government is yet to draft its cryptocurrency policy. Meanwhile, AZ Alkmaar Football club has signed a definitive agreement with the Bitcoin Meester exchange that will end in Q2 2024.  

A bullish signal: Crypto firms and football clubs’ partnerships

Football is the most watched and popular sport across the globe, which has a viewership of nearly four billion. The rising collaborations among crypto firms and football clubs could help expand the digital currency reach among soccer fans. If one-fourth of such football followers begin engaging in cryptocurrency investments, the crypto market may gain sharply in the next five years. 

Source: Pixabay

In the meantime, Bitcoin (BTC) has emerged as one of the hottest digital payment assets among institutional investors. The crypto market defied the death cross technical analysis in June and got settled at consolidated prices. 

Bitcoin’s volatility has narrowed down after the May 19 crash as more long-term investors continue to hold their tokens throughout the bear market. As of July 5, the cryptocurrency was taking support well above US$ 30,000 apiece, and its price trajectory was facing resistance at US$ 36,000 apiece. 

Please note: The above constitutes a preliminary view and any interest in cryptocurrency should be evaluated further from an investment point of view.