In recent years, an increasing number of athletes have been paid in cryptocurrency. This trend started with a few high-profile cases, like 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 started 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 people become aware of the benefits of using crypto for payments.
This has made crypto bookmakers surprisingly active. More precisely, crypto bookmakers offer betting on ice hockey on major league events or more obscure competitions. Therefore, if you are looking to bet on an ice hockey game, chances are you can find a bookmaker that offers betting on the event.
In this article, we will describe the main reasons why the NHL mainly prefers to give salaries in cryptos and also 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 associated 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 that have already implemented crypto salary systems for their players are relatively rare. It is important to note that it is not only because of the wishes of the players which will be discussed later, but also of the advantages that these clubs can obtain. NHL teams can receive a number of benefits if they pay 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 the team’s finances, as all transactions would be recorded on the blockchain. Finally, paying salaries in crypto could also help attract new talent to the NHL as younger generations become more interested in digital currencies.
One of the main challenges an NHL team would face if they decided to give away salaries in cryptocurrency is the price volatility. Cryptocurrency prices can fluctuate rapidly and unpredictably, which could create challenges for both the team and the players to manage budgets and ensure financial stability. Another challenge could be related to taxes which could create additional complexities and compliance burdens for 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 payments.
NHL players can get a number of benefits if paid in cryptocurrency. One of the advantages is that they could receive their payments faster. Another advantage is that they would have more control over their finances and could avoid the fees associated with traditional banking methods. Additionally, crypto payments are often more secure than other payment methods, which could reassure NHL players who are concerned about the security of their winnings.
A notable name on this list includes Florida Panthers forward Anthony Duclair, who expressed interest by being paid at least partially in cryptocurrency. With the value of Bitcoin and other cryptocurrencies set to rise in the future, it’s likely we’ll see even more NHL players asking to be paid in crypto in the future.
It is therefore quite clear that a fairly significant part of the NHL players prefer to be paid in cryptos. On the other hand, some NHL players 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.