In recent years, an increasing number of athletes have been paid in cryptocurrency. This trend began with a few high-profile cases, such as NBA player Spencer Dinwiddie signing a contract with the Brooklyn Nets that allowed him to be paid in Bitcoin. Since then, more and more athletes have begun to receive payments in cryptocurrency, either through direct contracts or through third-party companies that convert traditional payments into crypto.
Cryptocurrencies are becoming increasingly popular as a means of payment, and NHL teams are no exception. It is believed that this trend will continue to grow in popularity, as more and more people become aware of the benefits of using crypto for payments.
This made crypto bookmakers surprisingly active. More specifically, crypto bookmakers offer ice hockey wagering on major league events, or more obscure competitions. Therefore, if you are looking to bet on an ice hockey game, it is likely that you will be able to find a bookmaker who offers wagering on the event.
In this article, we will outline the primary reasons why the NHL mostly prefers to give salaries in cryptos and also will discuss the pros and cons of crypto salaries for players.
Benefits Of Crypto Salaries For NHL Teams
There are a few NHL teams that have launched their own crypto or are actively involved in the crypto industry. Tampa Bay Lightning, for example, has its own cryptocurrency called “Bolts”. The team is also partnered with Blockfolio, a digital asset management company. The Florida Panthers also have their own cryptocurrency called “Panthers Token”, which can be used to purchase tickets and merchandise.
However, it is safe to say that NHL teams who have already implemented crypto salary systems for their players are relatively uncommon. It is important to note that it is not only because of players’ wishes which will be discussed later, but also of the benefits these clubs can get. NHL teams can receive a number of benefits if they give their players salaries in crypto.
Perhaps the most obvious benefit is that it would allow players to be paid directly in cryptocurrency, which could increase their overall earnings if the value of crypto assets continues to rise. Additionally, it would also provide greater transparency and accountability when it comes to team finances, as all transactions would be recorded on the blockchain. Finally, paying salaries in crypto could also help to attract new talent to the NHL as younger generations become more interested in digital currencies.
One of the main challenges that an NHL team would face if it decided to give salaries in cryptocurrency is the volatility of prices. Cryptocurrency prices can fluctuate rapidly and unpredictably, which could create difficulties for both the team and the players in managing budgets and ensuring financial stability. Another challenge could be related to taxes which could create additional complexities and compliance burdens for both the team and the players.
What About NHL Players – Do They Want Crypto Salaries?
NHL players are paid in fiat currencies, which are subject to inflation and can fluctuate wildly. Cryptocurrencies can be easily converted into other assets or cash, making them a very convenient way to receive payment.
NHL players can get a number of benefits if they are paid in cryptocurrency. One benefit is that they would be able to receive their payments more quickly. Another benefit is that they would have more control over their finances and could avoid fees associated with traditional banking methods. Additionally, crypto payments are often more secure than other payment methods, which could give peace of mind to NHL players who are worried about the safety of their earnings.
One notable name on this list includes Florida Panthers forward Anthony Duclair, who has expressed interest in being paid at least partially in cryptocurrency. With the value of Bitcoin and other cryptocurrencies expected to rise in the future, it’s likely that we’ll see even more NHL players request to be paid in crypto going forward.
So it is pretty clear that quite a notable part of the NHL players prefers to be paid in cryptos. On the other hand, there are some NHL players who totally disagree with being paid in crypto and those who believe that digital currency is not stable enough to be used as a form of payment. They are also concerned about the lack of regulation in the cryptocurrency market, which could lead to fraud or theft.