In the past few months, we have seen Bitcoin experiencing good growth in the market. We have seen its price growing a lot, reaching huge from Jan 2021 to April 2021, and it is expected to go ahead in the upper direction only. Thus more and more people from different segments, including sports, are also investing in digital assets. For this very reason, we see the pro athletes are also joining the bandwagon. Sportsmen from all the major sports are now leveraging the very idea of digital currency. For example, we see Russell Okung, who is the known face of the team Carolina Panthers, have emerged as the player who has got his salary in Bitcoin. So, what makes this sportsperson get into the idea of bitcoin is interesting to explore.
The first reason why sportsmen are investing in bitcoin is that they have better control over their wealth. Earning in bitcoin can help in getting an edge over their cutting intermediaries. We see a number of athletes and sportspeople having endorsements along with corporate sponsorship deals. One can find a number of agencies that are seen managing all these deals are now getting a huge chunk of money for the same. With the help of bitcoin usage, the sportsmen are able to get the details without any issue and without having any broker or middlemen platforms. Also, the endorsements they get involve a huge amount of money. While with the help of bitcoin for the payment, one can avoid high-level taxations seen over the rate of capital gain, and at times it can even be seen reducing the Income tax and other taxes, which again depends upon the jurisdiction they live in.
Bitcoin gives them enough privacy along with security, which becomes the second big reason to invest in this domain. The government is seen coming with great sponsorship with a number of companies, including track athletes, along with the spending habits of the sportsperson. Moreover, you can find a high level of the profile along with fame that is seen targeting athletes being targeted a lot by scammers and fraudsters. With the help of bitcoin, one can find a high level of athletes along with a good sense of security that are seen keeping away the identities that are kept confined to themselves once the decision is made for the privacy precautions.
The next big reason for them to get into bitcoin is the purpose of investment. Bitcoin remains one of the fastest evolving sectors in this domain. We can see a number of people investing in this domain, and they are hellbent to give you a huge amount of profit margins. One of the top sportspersons that come along with a huge amount of investment in digital currencies is sportspersons like Lionel Messi, Floyd Mayweather, Matt Barkley, and Nikita Kucherov, to name a few. There are several such stuff on Immediate Edge that vouch for the same.
Then we have NFL and people from NBA also investing in Bitcoin, which also gives the players to invest in digital money. One can expect the Sacramento Kings to emerge as the first NBA franchise in North America to start accepting money in the form of bitcoin. This, however, happened long back in 2014. The only objective about it was to boost up the customer experience along with adding up the buying season tickets and coming along with the merchandise as well. In April 2020, one can find Kings coming out with the Forbes that is playing as a big player helping many of the teams to invest and get their salaries in Bitcoin.
Back in 2019, we saw the Dallas Mavericks emerging as the top franchise to get their payment in bitcoin that comes in the form of tickets and merchandise. At the same time, we see the franchises like Miami Dolphins to be accepting bitcoin payments in the two years of the NFL season starting from 2019 and the coming year. In a sense, one can find athletes getting involved in Bitcoin, with Russel Okung, the newly appointed VP of the NFL association, also vouching for the same. While the same is the story with the LA Based franchises called the chargers, who have started accepting the money in bitcoin.