Accepting Bitcoin as donation in 2018 Olympics
2 months ago Rajeev K Sharma 0
The USA Luge team is accepting Bitcoin as a donation for the 2018 Winter Olympics. Athletes from all over the world are gathering in PyeongChang, South Korea for the 2018 Winter Olympics starting from February 9th, 2018. However “Luge” is not one of the most popular sports for Olympic but accepting a donation for the sponsorship will make this game a significant.
The USA Luge team is always in need of sponsors because of its less popularity that’s the reason team is planning to accept Bitcoin in a donation to get good sponsors & funds for the team which will boost up the morale of the team containing ten individuals out of which seven are men & three women.
Gordy Sheer, the USA Luge marketing director see some relations between Cryptocurrency users & Lugers. He stated that “we hear lots of comments from people that Lugers are crazy and peoples are not knowing why we are doing this. In fact, Luge is such a sport which gets into your blood and transforms your whole life just like the Bitcoin users and miners who are putting their hard and yet the world is not appreciating it“.
Cryptocurrency has been used in the year 2014 Olympics to fund teams. The Jamaican Bobsled team received some Doge-coins as donations. USA Luge team thinking for the long-term investment in accepting Bitcoin as funds because the crypto investors are thinking of a good rise in Bitcoin price in the year 2018. Ty Danco a former member of USA Luge Team and currently working with Wall Street already donated some Bitcoins to the team. Ty Danco stated “Holding Bitcoin as funds for a long-term up to 2022 will support the full team without having fear of fewer funds. Bitcoin is in its early stage and will grow more and more with its acceptance in sports as sponsorships. ”
Also, there are significant tax benefits for Donating bitcoins to USA Luge Team. Donors will not have to pay any taxes on appreciation gained also the donation done on this year will fall under current tax benefits according to US officials despite being a decentralized currency.