- NASCAR driver Landon Cassill has signed a deal which will see his salary paid in bitcoin and litecoin.
- The driver’s cryptocurrency salary will be paid by the crypto asset firm Voyager Digital LTD.
- Bitcoin is becoming further accepted among professional athletes as the first Bitcoin car made its debut at the Indy 500 race.
- Different regulatory measures in states such as Hawaii have led to increased exposure and payments in crypto.
Researchers often discredit cryptocurrencies for not being able to perform currency functions. Bitcoin in particular is often compared to digital gold, which serves as a store of value. Crypto adoption has been a slow process, which is understandable, given habits, especially in the technology space where innovations take time to interchange. Spending and storing Bitcoin are polarising attitudes, with the latter often prevailing. NASCAR driver Landon Cassill announced that the remainder of his 2021 season would be paid out in crypto.
NASCAR Says Yes to Bitcoin
Professional race car drives have gotten caught up in the cryptocurrency mania, accepting Bitcoin as a preferred payment method. Landon Cassil, a professional NASCAR driver for JD Motorsports’ No. 4 Chevrolet, will be ditching FIAT in favor of bitcoin and litecoin payments.
Voyager Digital LTD, the crypto investment firm, will facilitate the payment as Landon is reportedly friends with Voyager’s CEO, Steve Ehrlich, with the driver admitting to checking his account “probably 100 times a day,” as per the NASCAR announcement. The Voyager paint scheme will additionally be featured on the No.4 car.
While there are risks associated with crypto investments, Steve Ehrlich asserted that they are no different than any other “stock.” This agreement between the two parties is necessary to progress the path of digital payments and “educate the masses on why cryptocurrency matters.” Cassill declared that he is “comfortable” with crypto and is willing to risk his paycheck.
On the Flipside
- Bitcoin payments can be financially lucrative for those willing to hold crypto for a longer time.
- Users are reluctant to spend bitcoin because it is socially viewed as a store of value which increases over time.
- Global cryptocurrency adoption is yet to be achieved.
Athletes & Sports Back Bitcoin
Bitcoin’s speculative price action offers more reasons for people to accept crypto as payment than not. Although it is still rare, US athletes are showing increasing interest in crypto salaries; as Cassill mentioned, he is ready to take the “risk.” NFL player Russell Okung became the first NFL player to accept part of his $13 million salary as Bitcoin. Additionally, according to the Sacramento Kings, team owners, staff, and athletes have the option of being paid in crypto.
Crypto is steadily inclining towards a favorable position in the global monetary environment, despite its price trading sideways. Although the environmental concerns brought forth by Elon Musk were well-founded, professional sports institutions are recognizing the value that blockchain adds to the new digital dynamic. The national soccer team of Argentina has already released NFTs featuring their star players, whilst France has released player collectibles in the form of NFTs. In related news, Porsche has also ventured into the digital collectibles space with a new platform called Fanzone.
US States Change Their Regulatory Measures
According to a MiQ Digital report, 6% of the US population uses or owns Bitcoin or some other form of cryptocurrency. With the rapid expansion of cryptocurrency as a cultural and digital norm, more companies are becoming inclined to accept crypto as a form of payment.
NOWPayments has already provided a plug-in for e-commerce websites to accept crypto as payment. The same MiQ Digital report emphasizes that companies are more willing to accept crypto as payment in California, with 440 firms, compared to 180 in Florida.
Hawaii has seen the highest demand out of all US states, with a surge of 687%. Dogecoin has been the most popular coin among US investors in the past year, with an interest increase of 1,781%, fueled in part by Elon Musk’s social media influence. Still, financial US regulators are rushing towards creating safe parameters for trading and transacting cryptocurrencies.