Bitcoin is often tipped as the digital currency to replace paper currency. However, people have divided opinions on the matter. In a recent development, a pro soccer player is being paid in Bitcoin. Alex Crognale, the center back of Birmingham Legion, has become the first professional footballer being paid into Bitcoin. Alex at the moment is playing in United Soccer League.
The player took 15%of his salary in Bitcoin and the rest of the amount as paper money. He facilitated this exchange via bitcoin payroll service Bitwage. Alex Crognale said that he has been an active Bitcoin investor since 2020. The player has experience of buying bitcoins from a variety of exchanges such as Coinbase, Binance, and CashApp. However, the player was impressed by the services offered by Bitwage.
He said that Bitwage is a platform that charges no transaction fee at all. He also added that the percentage of his salary he relieved in bitcoin was directly submitted into his wallet and was not subject to any deduction.
Crognale is a football player with a background in economics. He said that the monumental monetary supply by the central banks during the covid-19 pandemic was wrong and it caused massive inflation. As the result, people are struggling and moving towards digital currency. That’s where the fault lies when it comes to fiat money.
After witnessing the wrongdoing of central banks Crognale became obsessed with cryptocurrency.
The United States Federal Reserves to cope with the covid-19 pandemic printed the U.S dollars in abundance. As a result of the excessive quantity of dollars, the currency was devalued. As the result, people faced rampant inflation where prices started to peak. Recently Bitcoin has crossed $50k mark and it is still going strong.
It is simple fact that the more money would be pumped into the reserves the more it will become less valuable. However, in the case of digital currency, this is not the case. That’s why people used to dollars to purchase digital currencies.
In a recent development series of sports, brands have joined hands with cryptocurrency providers. Alex Crognale understands that digital currency fixes this issue. He said that crypto is a digitally distributed currency that is controlled by no government and any central bank. No one has the power to print it. I
Its demand and supply totally relies on market development. This unique aspect of the currency makes it more user-friendly and valuable than the traditional currency. Crognale further said that despite all these efforts to ban crypto, the phenomenon will only grow more popular. It seems that in the future more and more professionals will accept payments in Bitcoin.