Since 2009, Bitcoin has been the face of the global cryptocurrency push and expansion. The blockchain based digital token is one that has fueled many conversations on it’s utilization and overall functionality within the financial sector. Bitcoin and most cryptocurrencies consist of open source codes and white papers to help one understand the technology being executed through a particular “coin”. Needless to say, very few people truly understand how Bitcoin and other cryptocurrencies can revolutionize the world, which is why the adoption phase can be a slow process.
Regardless if there are people who want to sleep on blockchain technology and cryptocurrencies like Bitcoin, there are many people who are waking up to the bitcoin phenomena. Brooklyn Nets point guard Spencer Dinwiddie (26 yrs old) has been a prominent believer in cryptocurrency. This past week Dinwiddie’s plan to convert his $34.36M contract into a digital token vehicle to purchase Bitcoin was publicly disclosed. Spencer is said to be creating a company that will allow an upfront payment (from investors) to cover the 3 year contract of $34M that way he can invest in cryptocurrencies during it’s “adoption phase” and in return make gains as the tokens appreciate. Moreover, investors who facilitate the start-up capital will be allowed to accept interest and payouts from the tokenized company.
This is a very strong move & statement from an NBA athlete. While many professional athletes are now being granted nice salaries and payouts in 2019, the rise of professional athletes converting their earnings to Bitcoin and other cryptocurrencies has also been on the rise.
For example, quarterback Matt Barkley wanted to negotiate his NFL contract into cryptocurrencies.
Also, UFC fighter Ben Askren who is a long time supporter of LTC (Litecoin)
With Spencer Dinwiddie making such a bold, yet strategic move we can assume that more professional athletes will soon follow suit and find ways to negotiate their contract into cryptocurrencies.