Sports franchises continue to show their support of Bitcoin, as Dutch football team AZ Alkmaar made its goal to be the first professional football club that plays its players with Bitcoin. As of yet most of the sports franchises that have embraced crypto appear to have been based in the USA but this heavyweight Dutch team is one of the first European teams to make such a forward-thinking step.
The statement was announced on the Netherlands football club website on Thursday, AZ faired pretty well last year as they finished in the third position for the 2020/2021 Dutch football season, the Eredivise side, openly announced its partnership with the crypto broker Bitcoin Meester. According to the announcement, Bitcoin Meester’s sponsorship would last until the mid of 2024.
The announcement also made it clear that the sponsorship deal will be finalized in Bitcoin, the Dutch club stated their intentions to hold Bitcoin and keep the sum of the cryptocurrency on their balance sheet. The football team AZ Alkmaar is reported to have been paying its players’ salaries with Bitcoin, thus joining the long list of sports franchises that have adopted Bitcoin and paying professional athletes.
Michael Koster, AZ’s commercial director, has stated the appeal of adopting Bitcoin and cryptocurrency, in general, is indisputable. With the booming crypto market and the continuous growth in the number of users, it was a reasonable decision to adopt Bitcoin.
Non-crypto entities like football teams need guidance in the market by established participants such as Bitcoin Meester, Koster added. Bitcoin Meester in particular is one of the few crypto firms licensed by the Dutch central bank.
Crypto regulations remain the topic of discussion for the authorities in the Netherlands, especially since a government official called for banning Bitcoin. Meanwhile, crypto firms are increasingly establishing sponsorship deals with sports teams to grow their business and boost recognition. In fact, several American sports franchises have adopted Bitcoin. Back in June, Tom Brady, the seven-time Super Bowl champion, accepted a crypto-related endorsement deal with an exchange giant FTX.