Crypto News: Olympic Teams Now Accept Bitcoin!

Who doesn't like the Olympic Games? I certainly don't know anyone personally that doesn't enjoy them...

This year as the 2018 Winter Olympic Games kick off, a lot of people will be talking about the USA luge team. Why is that? It is because they have become a champion for Bitcoin in what could be a first for cryptocurrency in the sport.

In this article I will go into this story a bit more to understand what it is exactly that the USA luge team is hoping to accomplish with this move. In a stunning first, the USA Luge Foundation has been actively campaigning for donations in Bitcoin on Medium since December 2017.

According to the team, although they aren't allowed to wear any sponsor logos at the Olympics, they promise to promote Bitcoin in upcoming competitions. The amount of promotion simply depends on how much BTC they are able to raise.

The team claims to be the first US Olympic group to set up its own Bitcoin wallet to accept donations. It’s a move that is synonymous with the spirit of luge, high speed and fraught with danger.

US luge doubles silver medallist and current USA Luge marketing director Gordy Sheer said the endowment fund is a natural fit.

When Gordy Sheer was asked to say a bit more about this topic, this is what he had to say:

“You know, we hear a lot of jokes about lugers being crazy, and people don’t know why we do it. But luge is something that gets into your blood and transforms your life and the Bitcoiners we’ve met know exactly what it’s like to be all in on something that the world doesn’t appreciate yet. We’ve looked at Bitcoin hard, and it is definitely a risk-reward we understand and are eager to take.”

The USA Luge fund found a solid ally in luge Olympian and Wall Street investor Ty Danco. He said that he sees the fund as the perfect investment eyeing the next two Winter Olympic meets over the next eight years.

“It’s such a natural and good fit for the team. The luge team is not thinking short term, but long. By hodling Bitcoin with the express goal of holding on through the 2022 and 2026 Olympic Games, the sport hopes to change from being underfunded to being able to support full teams on the World Cup level at the same time as developing grassroots youth programs to develop athletes. Bitcoin is still in its early days, and hats off to USA Luge for being both brave and prescient to ride this wave.”

So what kind of support can Bitcoin donators expect to receive in terms of promotion and how much is it going to cost them?

According to the team, they will include Bitcoin logos and decals on its kit and equipment in the future. It all depends on how much Bitcoin they receive in their fundraising initiative.

• 5 BTC - Bitcoin’s logo will appear on team hats and memorabilia hats
• 10 BTC - Above, including Bitcoin logo sewn onto all luge team outerwear for the 2018 season (excluding the Winter Olympics)
• 25 BTC - All of the above, including Bitcoin logo of sleds for the next two seasons.
• 50 BTC - All of the above, with Bitcoin logo on sleds for next four seasons.
• 100 BTC - All the above including Bitcoin logo on team skin suits for four years (excluding Olympics).

Tongue in cheek, the team promised to “Find Satoshi, and get him on a sled” if they raised 21 mln Bitcoin, which of course is the max amount of Bitcoin that can be mined.

I had a bit of a chuckle when I read this. They are probably safe saying they would do this because its highly unlikely they will be able to collect all 21 million Bitcoins!

So what do you guys think about all this Olympic games Bitcoin hoopla? Will the fund be successful in raising large quantities of BTC? In terms of promotion, how much value do you see in this offer?

Please leave your thoughts and feedback below.

Thanks for reading @Techblogger!

Source:

Bitcoin Luges Its Way Into Winter Olympics - CoinTelegraph

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CoinTelegraph