Underfunded Olympic Athletes Adopting Cryptocurrency
Though the Olympics is for amateur athletes, equipment and training is expensive, and the money has to come from somewhere. A new generation of sportspeople are looking to alternative means of funding, and cryptocurrencies are high on the list.
For the US luge team, the similarities between their sport and Bitcoin make the two a natural partnership. “Both know all about speed, crashes, risk management, and holding on”, they say, “which is maybe why the US Luge Team and Bitcoin are made for each other”.
Depending on how much they raise, the team has pledged to promote Bitcoin in various ways, including the logos on their hats, suits and sleds. They are still some way off their initial 5 BTC target, but insist that they are “not thinking short term”. Ty Danco, a former luge competitor and current investor, has revealed that the team are believers in the long term potential of Bitcoin and plan to hold throughout the next two Winter Games.
On whether Bitcoin’s volatility worried them, Gordy Sheer, director of marketing and sponsorship, as well as a silver medalist in the men’s double luge from the 1998 Olympics, said that they were “obviously an organization comfortable with the notion of risk”.
Expanding on the parallels between the sport and the cryptocurrency, Sheer added that, “Bitcoiners we’ve met know exactly what it’s like to be all in on something that the world doesn’t appreciate yet”.
If you need further encouragement, the luge team also suggest that by offering a donation you can get around any tax liability on the increased value of your cryptocurrency.
The association between cryptocurrencies and the Winter Olympics was forged in Sochi in 2014. On hearing that the Jamaican bobsled team was struggling to afford the airfares to participate in the competition, the Dogecoin community, perhaps fuelled by Cool Runnings nostalgia, contributed $25,000 to their expenses.
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