Bitcoin hits new record high again: Athletes’ salaries are paid in Bitcoin

After setting a record over the weekend, Bitcoin seemed to take a few days to rest, but it has once again resumed its torrid pace of gains, setting a new all-time high of $28,579.59 on Wednesday morning (December 30).

(Source: Coindesk)

As the end of the year approaches, some fund managers may also be buying Bitcoin so that they can brag next year that they were smart enough to enter the Bitcoin market in 2020. In addition, the Federal Reserve and other central banks have been printing money recklessly in an attempt to avoid the worst economic impact of the epidemic. At the same time, Trump has been urging Congress to pass a larger rescue plan to allow for a larger check on the economic stimulus plan. These moves are seen by many as potential catalysts for inflation and are negative for the US dollar, both of which could be positive for Bitcoin.
Bitcoin payments are expanding. The National Football League and its players union approved a deal that will allow the Panthers to pay a portion of Russell Okung's $13 million salary to Strike so that Strike can convert it into Bitcoin and pay Okung.
“Money is more than currency; it is power,” Okun said in a statement. “The way money is handled from creation to dissemination is part of that power. Paying with Bitcoin is the first step to exiting the corrupt and rigged economy we all live in.” Okun is a long-time supporter of Bitcoin.
"He expects that in the long run, the price of Bitcoin is going up," Chris Matta, co-founder of Crescent Crypto Asset Management, said on Tuesday. "This move shows his support for Bitcoin and that his long-term bullishness on Bitcoin will grow further from now on." Matta said: "As a hard asset, Bitcoin has become very attractive, especially during the pandemic and all the consumer concerns about the global economic and geopolitical environment." Matta added: "It has been called the new digital gold." "It has brought Bitcoin to the forefront of investment portfolios this year, and therefore has sparked a lot of investor interest in it."
Mata said Oaken's bitcoins will likely be put into offline digital wallets, also known as "cold storage." The move provides Oaken with more protection from potential hackers who can steal the currency from his account. Bitcoin accounts are not protected by the FDIC (Federal Deposit Insurance Corporation) like bank accounts. "Keeping it offline is a safer way, especially for someone like Oaken who is so outspoken about Bitcoin," Mata said. "Anyone who is vocal in the Bitcoin space is a target for cyber hackers."
According to Bitcoin news site CoinDesk, Strike has also followed Okun’s lead and partnered with players from the Brooklyn Nets and New York Yankees, but has not yet announced the names of the players involved.
Mata said Okun's move will increase the credibility of Bitcoin, which could prompt more athletes to invest in the digital currency. Potential investors can also buy Bitcoin through other mobile payment apps such as PayPal, Cash App and Square.
“The pandemic has accelerated the growth of Bitcoin,” Mata said. “I think this would have happened to Bitcoin anyway; but without the pandemic, it would have probably taken a few more years for Bitcoin to get to this point.”
Source: FX168