When discussing investments, it is difficult to find a topic more polarizing than cryptocurrency. Investors either love it, or hate it. Kind of like that sports team. You know, the one with a huge fan base, and is the most hated team in the league.
There are almost 300 cryptocurrencies on the market, with the biggest player, Bitcoin, representing over 90% of market capitalization (see list)
Depending on who you ask, cryptocurrency, is either 'going to change the world', or 'a bubble waiting to burst'. When discussing investments, conflicting opinions is a way of life. After all, nobody can predict the future, but everyone has an opinion of where we are going.
One notable opinion within the investment world, is that of the Oracle of Omaha, Warren Buffet, who was recently on CNBC's Squawk Box. Buffet acknowledged that Bitcoin is great as a way to transfer funds. As an investment, his opinion was not so great, as he did not believe it to have any intrinsic value. I seem to remember him saying something similar about technology stocks in the late 90s.
With a market capitalization of over $8,000,000,000, Bitcoin has a very significant fan base. While haters will complain about the volatility, there is no denying that investors in Bitcoin have made some very significant gains.
Most of us think of Bitcoin enthusiasts as tech savvy, highly educated, and capable of understanding the complexities of cryptocurrency. It may seem surprising that without Dogecoin, the Jamaican bobsled team would not have made it to the Sochi Winter Olympics.
The two man bobsled team raised over $40,000 in donations through Dogecoin, which enabled them to compete in the games. They are not alone. Nascar driver Josh Wise, has also been the beneficiary of Dogecoin donations, and his car even sports the Dogecoin logo.
Cryptocurreny is growing as a way for fans to directly support their favorite athletes. On July 5th, two MMA fighters used cryptocurrency as a way to accept donations from fans.
Jon Fitch, appeared in the World Series Of Fighting (WSOF). He was sponsored directly by Nautiluscoin, and was also accepting donations from the community.
Chris Camozzi, appeared in the UFC, and had a large QR Code on his shorts, which lead to his Bitcoin donation page.
Cryptocurrency may have a very interesting future in the world of sport. Being a professional athlete in a sport such as MMA is not cheap. There are training camps, months between paychecks, all sorts of people wanting a slice of the winnings pie in exchange for their services.
Enabling athletes to raise funds directly, would enable us to support our favorite stars. Even if only send a few dollars, if enough of us do it, it will add up. The benefit to athlete is that they get all the funds, and don't have to deal with third party obstacles. The fans benefit by keeping their favorite stars in the game.
If all athletes raised funds this way, then pay would essentially be based on a popularity contest. Which we think would be great for any sport, as it would motivate the contestants to put on an entertaining show.