PSV Eindhoven Football Team Decides to HODL Bitcoin
Cryptocurrency nowadays is so multi-faceted and all-encompassing that it is being held out as an important aspect of almost every business sector and high-profile special interest group.
Now, one of the most followed special interests in the world has become part of the crypto investment world; football.
In Holland, PSV Eindhoven is one of the country’s most prestigious teams, having enjoyed two golden eras revolving around the UEFA Cup victory in 1978 and the 1987–88 European Cup victory as part of the seasonal treble in 1988. The team has won the Eredivisie 24 times, the KNVB Cup nine times and the Johan Cruyff Shield twelve times and is part of the top tier of Dutch football teams.
Today, PSV Eindoven ‘held on for dear life’ as it turned its hand to cryptocurrency investment, deciding to ‘HODL’ its Bitcoin rather than exchange it into Fiat currency, HODL being a cryptocurrency term for simply holding onto assets in their cryptocurrency form rather than exchanging them immediately for fiat currency. It is a term which came about by intentionally misspelling the word ‘hold’ in order to create a cryptocurrency-specific term for holding onto crypto assets. It does not mean, as is widely thought, ‘Hold On For Dear Life’.
The Bitcoin concerned was paid to PSV Eindhoven by one of its sponsors, which settled its sponsorship fee in Bitcoin rather than fiat currency, representing the first time that a major football club in Europe has had a sponsorship paid in cryptocurrency.
In previous years, perhaps in the infancy of cryptocurrency, it would have been considered anathema to keep it, and most corporate accountants would perhaps insist on exchanging it for fiat currency, but not anymore!
So significant is the value of cryptocurrency that even large entities with fans and shareholder responsibility are beginning to hold assets in cryptocurrency.
Additionally, executives in the corporate and high profile entertainment world are now very well versed in the viability of cryptocurrency as a store of value as well as knowledgeable with regard to the possibilities offered by blockchain technology such as smart contracts and the possibility of settlement of commercial transactions in cryptocurrency in the method offered by CoinMetro via business accounts for small to medium sized enterprises (SMEs), and SMEs are often suppliers of services and goods to larger firms and entities.
These factors, along with the advanced development of cryptocurrency infrastructure such as regulated multi-asset exchanges, EMI licensed payment providers and venues which access thousands of asset classes – all functionality offered by CoinMetro, are paving the way for HODLing in the way that PSV Eindhoven has done today.
PSV Eindhoven sees itself as an advocate of innovation, largely because of its roots in Eindhoven, which is home to the ‘Brainport’ region of Holland, known for top technology innovations.
“The possibilities and the future that the world of cryptocurrency offers is very promising,” said Frans Janssen, PSV’s commercial director today.
Perhaps interestingly, other regions of the world which are synonymous with high technology and innovation are looking along the same lines. The US state of Texas, home to the world’s leading medical technology industry, some of the best schools in the world, a software engineering sector that provides thousands of careers and a huge energy sector, is looking toward making Bitcoin a legal form of payment.
Over 30% of respondents to a survey issued by Redfield & Wilton Strategies in Texas stated that they would wish to see cryptocurrency become legal tender in the next election.
So, it’s not just El Salvador which did this to empower its unbanked population, but also Texas which is a bastion of high tech and talent, largely because of the endless commercial, technological and investment possibilities cryptocurrency offers.
This is along the same lines as the viewpoint of PSV Eindhoven. Who would have thought that a football team would become an advocate of tech innovation and HODL cryptocurrency? Now is that time.