Weekly Bitcoin Review

NBA players Klay Thompson and Andre Iguodala to take pay in Bitcoin

Golden State Warriors star Klay Thompson made his return to basketball after a nearly three year injury last Sunday, January 9. The next day, he tweeted “I’m BACK and changing it up: excited to take part of my paycheck in bitcoin thanks to Cash App! I’m with bitcoin because I believe it’s the future of money.” Additionally, he said that he and his fellow teammate, Andre Iguodala would be giving away $1 million in Bitcoin through CashApp. Iguodala made a tweet himself confirming the giveaway.

This isn’t the first time the NBA has been involved with crypto. Staples Center saw its name changed to Crypto.com Arena in the end of 2021. The Dallas Mavericks have also been accepting Bitcoin payments for over two years now. The social media of many different NBA players makes it apparent that they are investing more time and money into crypto as well.

Phoenix Suns player Javale McGee owns Bored Ape Yacht Club #4205 and has it as his profile picture. His Twitter is full of NFTs, plus references to the Metaverse and Ethereum. On September 6, 2021, Warriors Superstar Stephen Curry tweeted, “Just getting started in the crypto game…y’all got any advice??”

NBA isn’t the only sport that has seen Bitcoin action. Back in late November, Odell Beckham Jr. announced that he would be giving away $1 million in Bitcoin, similar to Thompson’s giveaway. He also said he would take his entire salary in Bitcoin. Earlier in the same month, Green Bay Packers quarterback Aaron Rogers did an equivalent giveaway on Twitter, also promising $1 million.

The push from sports into crypto won’t be stopping anytime soon. These are two industries that can thrive off one and other. Cryptocurrency partnerships provide great endorsement deals for athletes, and possible opportunities for fans as well.

Rio de Janeiro to invest in crypto

Mayor of Rio de Janeiro, Eduardo Paes, announced plans for the city to work with Bitcoin at a panel during Rio Innovation Week. Local Brazilian news agency, O Globo, reported that mayor Paes wants to turn the city into a “Crypto Rio”, meaning he wants to turn Rio into a central hub for digital currency. During the panel, Paes also stated that 1% of the treasury would be invested in crypto. There was additional talk of tax breaks for the industry. Miami mayor, Francis Suarez, who has adamantly advocated for Miami becoming a crypto hub, also attended and spoke at the panel.

Over the last year, the number of politicians who have begun to publicly favor cryptocurrency has steadily increased. A few of the most notable are Miami mayor Francis Suarez, senators Pat Toomey and Cynthia Lummis, and President Nayib Bukele of El Salvador. Bitcoin has seen a slow start to 2022 in terms of price action, but continues to gain legitimacy through high-profile backings.