The growth of crypto in recent years cannot be argued with, nor can the constantly growing level of interest in this particular style of potential financial gain from general punters – who appreciate it is not a normal stock market, it is slightly more volatile but in that considered risk, comes a slightly higher reward if you do your own due diligence.
That due diligence should absolutely be done by anyone, even those with only a rudimentary interest as we all know the horror stories involving FTX and Sam Bankman-Fried, and he is not alone in becoming a media example in this growing and burgeoning industry, and there will certainly be those out there who point to more traditional share trading markets, and even banks themselves, that have fallen to the wrong side of perceived incompetence, ended up in trouble and then cost their investors sums that leave all of our eyes watering.
But that is the game. That is the market – you win some, you lose some. You have to own that if you get involved and there are plenty of opportunities for bitcoin sports betting if you are so inclined, and that way you do remove the decision making on whether to hold or sell.
One thing that is separate from the above is the way that some sporting outlets are shamelessly capitalising on the block chain in an effort to extract even more from their loyal supporters and fan base. This is slowly becoming a hot topic in many countries where buying a crypto token gives a fan additional access to the club they love, but that token in, and of itself, is not actually a sustainable or real investment in the way most bit coin is.
The Government of the United Kingdom have been the latest to pile on to this distorted type of crypto adjacent tokens, and a cross party committee has this month strongly voiced their concerns as to how they are being presented, with an accused powerful misdirection on what they are truly worth.
“In the world of sport, clubs are promoting volatile cryptoasset schemes to extract additional money from loyal supporters, often with promises of privileges and perks that fail to materialise. Fan token schemes must not be used as a substitute for meaningful engagement with supporters.”
In the world of sport, obviously Socios are a major player now, given their involvement with a number of Premier League and top European clubs and the CMS committee report continued.
“The unique relationship between clubs and fans means that fan speculation on sport-based cryptoassets carries a real risk of financial harm to fans and reputational harm to clubs. We are also concerned that clubs may present fan tokens as an appropriate form of fan engagement in the future, despite their price volatility and reservations among fan groups. We recommend that any measurement of fan engagement in sports, including in the forthcoming regulation of football, should explicitly exclude the use of fan tokens.”
It is expected that fresh legislation will soon follow in the future.
Fans will remain torn on this, it is not the genuine industry but also, who is to deny it should not be a natural sister to the industry if it serves the wishe
