According to a report from The Times, the Premier League is investigating links between clubs and cryptocurrency firms. The concern stems from the lack of regulation in the crypto industry. However, the League is also exploring its own deals.
The presence of cryptocurrency in sports has been around for a couple of years now. In 2018, investment platform eToro used Bitcoin to pay for a sponsorship deal with seven League teams, and Arsenal signed a cryptocurrency sponsorship deal with CashBet. However, over the course of the past year or so, deals are going beyond sponsorships and launching crypto-based products for fans.
Some fan clubs are worried about the misinformation around these products and the traps that consumers might fall for. One particular concern is that crypto-based products are associated with massive increases in value in a short time. In reality, this volatility in prices is unpredictable and prices can also crash.
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