The massive transfer fees associated with signings in the English Premier League, the top flight of world soccer, could be paid using Bitcoin in the not too distant future, say commentators on the game.
Clubs worldwide endorsing blockchain related technology is becoming a far more common sight, with at least three teams in the Premier League endorsing blockchain products this season. Also, individual players such as Messi, Ronaldhino and Michael Owen have put their names behind crypto related enterprises in recent months with endorsements now becoming a regular feature of the game as cryptocurrency grows in popularity.
The first actual player signing using cryptocurrency was in January of this year when Turkish amateur club Harunustaspor signed its first Bitcoin player, paying a modest 0.0524 BTC for the transfer. However, pundits think that crypto transfers are on their way to the multibillion-pound Premier League in the near future, some reports indicating that it could be in as little as a few months.
Major global investment platform eToro which uses blockchain and enables users to invest in crypto sees Bitcoin transfers in England’s top flight as inevitable. The company has already launched a number of Premier League partnerships this season including, Brighton, Cardiff, Crystal Palace, Leicester, Newcastle, Southampton, and Tottenham. Each club has been paid an unrevealed amount in Bitcoin for helping to promote the eToro platform.
Iqbal V. Gandham, UK managing director at eToro, says that he is really optimistic at the level of interest that top clubs have taken in blockchain technology commenting, “I do feel that within about six to twelve months we will see a player transfer in the Premier League completed using bitcoin.”
Gandham cites numerous advantages of blockchain based management and payment schemes particularly in the area of transfers, which are usually significant sums in the Premier League, suggesting that deadlines can be far more easily met with instantaneous payments, cutting out last minute delays, and transfers can be made far more transparent due to the nature of blockchain which can reveal every aspect of each transaction. International transfers would also be simplified by the use of one common currency, Gandham maintains.
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