The Winter Olympics are a source of much discussion and controversy, but this year cryptocurrency lovers have another topic to discuss - a team of athletes has chosen Bitcoin as a sponsor.
The US Luge Foundation has been running a campaign to collect donations in cryptocurrency since December 2017. While the Olympics have banned advertising logos, the team is promising to advertise the digital currency at all other upcoming competitions. The team also claims to be the first Olympic team to create its own Bitcoin wallet for donations. Double event silver medalist and current head of luge marketing Gordie Shear said the creation of the endowment fund was a natural process.
"You know, we hear a lot of jokes about how we're completely crazy and doing the wrong thing. But luge is something that gets into the athlete's blood, radically changes his whole life. It's the same with people who trade Bitcoin: they know what it's like to put everything on the line. We've been following Bitcoin for a long time and we know that it's a risk, but the possible reward is worth taking."
One of the first people to donate cryptocurrency to this fund is former Olympic athlete and now cryptocurrency trader Ty Danko. He thinks the creation of such a fund is a great idea:
"It's good to see that the team is thinking ahead. If they decide to hold Bitcoin for a couple of seasons, then by 2022, 2026 they can set an example for every sports association in the world - how a sports team can be self-funded. The development of Bitcoin is still in its early stages and I want to express my respect to them for this bold and risky step."
The team has promised to display Bitcoin logos on their uniforms and equipment depending on the amount of digital currency collected.
5 BTC - the digital currency logo will appear on the team's headwear
10 BTC - the terms of the first point, but includes the bitcoin logo embroidered on all team outerwear in 2018 (excluding the Winter Olympics)
25 BTC - all of the above, including the bitcoin logo on the sleigh for the next two seasons.
50 BTC - all of the above, with the Bitcoin logo on the sleigh for the next four seasons.
100 BTC - all of the above for four years (excluding Olympics)..
The team members also promised to “find Satoshi and personally seat him on the sleigh” if they collected 21 million bitcoins, that is, the maximum possible amount of digital currency.
According to https://cointelegraph.com
You May Also Like
Financial insurance leader Lloyd's of London quietly entered the cryptocurrency market
It has become known that Kingdom Trust, which holds more than 30 types of cryptocurrencies and tokens for investors, has obtained insurance coverage through Lloyd's of London to protect these assets from theft and destruction. Kingdom Trust is known to be a certified custodian, which means it holds private keys for those types of cryptocurrencies that are considered acceptable by regulated financial institutions.
A US Senate subcommittee held hearings on the issue of cryptocurrencies
The US Subcommittee on Monetary Policy and Trade yesterday discussed major issues related to digital currencies. It was assumed that the hearing, entitled “The Future of Money: Digital Currency,” would be significant for the introduction of crypto assets into the economy.
