Why Doge Is Ready for the Big Leagues
Why Doge Is Ready for the Big Leagues
Hey everyone,
Athletes are pouring into crypto.
Faced with growing inflation and an uncertain global financial outlook, pro sports stars are turning to cryptocurrencies to preserve their wealth.
Some stars are taking on the role of crypto-ambassadors, speaking directly to the pubic about the benefits of the new decentralized financial system.
In the emerging crypto-sports landscape, Doge is uniquely positioned to dominate.
Let’s take a look at the growing synergy between sports and crypto, and why Doge is ready for Prime Time.
A New Era
The NFL season kicked off early last Wednesday when Bucs stars Tom Brady and Rob Gronkowski put out a pair of dueling crypto advertisements that both mentioned Dogecoin.
During Thursday's Cowboys-Bucs season opener, another elite QB-TE duo, the Chiefs' Patrick Mahomes and Travis Kelce, teamed up to promote Kelce's Cash App Bitcoin giveaway on Twitter.
Mega-stars like Brady, Gronk, Mahomes, and Kelce have enough clout to endorse whatever they choose.
They're picking crypto. Why?
Athlete's Gambit
Pro athletes are faced with a unique financial gambit.
They have extremely limited window of time to accrue life-changing wealth, with significant risk to long-term health and no guarantee of riches.
Then, when their careers are over, they have to figure out how to use a combination of their personal brand and the money they've made to provide for their families for the rest of their lives.
A major challenge is that most athletes are paid in an inflationary currency like USD.
Even a war chest of $10 million USD loses hundreds of thousands of dollars of purchasing power per year in the current environment, with real inflation estimated to be anywhere between 2% and 20%.
Retired athletes are constantly looking for solid investments to preserve and grow their wealth.
Real estate, technology companies, and restaurants are popular choices, but there is always risk, and the public nature of athletes' affluence makes them frequent targets for scammers.
Programmatically deflationary currencies, whether hard (Bitcoin) or soft (Dogecoin), solve this problem in theory by giving people a place to safely park their wealth without fear it will hemorrhage value.
Crypto has the added advantage of being the preferred payment for NFTs, which allow athletes to bypass third parties and sell their likenesses directly to fans.
For athletes with millions of dollars at stake, these are huge developments.
If it works as designed, crypto could become the preferred method of wealth preservation for athletes and celebrities.
Teach a Man to Crypto
Increasingly, star athletes are using their platform to educate their peers and the public about the benefits of crypto.
Earlier this year, Brady said crypto had become a hot topic among his teammates:
It’s funny, in our quarterback room, one of my coaches has been on it for eight, nine months, so we talk about it basically every day. The prices of the different tokens, how the space is doing. It’s definitely something that’s on all of our minds.
Steph Curry, another stakeholder in FTX Exchange, has been talking about crypto as an equalizing force in the future financial system for both pro athletes and regular folks.
this is going to be a part of the next generation, of how they think about financial opportunity
the biggest thing about what Tom is doing, what I'm trying to do with that partnership, is specifically create a socially conscious platform within crypto
In the world of pro sports, reputation counts for a lot.
If Curry or Brady thought crypto was just a get-rich-quick scheme, they wouldn't risk their image to promote it.
More likely, they see crypto for what it is: a new system that gives people more control over their money.
The new system is a radical departure from the past and is the frequent target of negative press. Pro athletes can play an important role in educating the public about its vast benefits by sharing their personal experiences.
No matter what team you're on, that's something to root for.
Doge Ball
More than any other cryptocurrency, Dogecoin is poised to invade the sports world.
Sports fans are already used to rooting for cartoon logos. The idea of cheering on a dog meme isn't a big departure.
In the spirit of competition, many sports teams represent themselves with dangerous predators: bears, wolves, jungle cats, birds of prey.
Doge—cuddly, domesticated, perpetually bemused—provides a counterweight to the occasional violence of sports fandom, reminding people they're all on team humanity and have a responsibility to nurture other creatures.
Both crypto and sports are fun, entertaining pursuits which are capable of turning tribal and dark.
Doge has become a mascot for the broader crypto space because it provides universal reminder to lighten up and enjoy the ride.
Lately, Doge has been getting its paw prints everywhere in the world of pro sports.
Brady and Gronk's commercials both mentioned Doge, the only cryptocurrency to appear by name in either ad.
Top-ranked women's tennis player Naomi Osaka said reading about Dogecoin on Twitter sparked her interest in crypto. Osaka later launched her own collection of NFTs.
The Dallas Mavericks have continued to push the vanguard of Doge adoption in the NBA, recently offering a $25 gift card for anyone who spends at least $150 worth of Doge on their online store.
Across the pond, Watford FC of the Premier League put a Dogecoin on its shirtsleeve as part of a $1.3 million sponsorship with the online gambling company Stake.
It's still early for Doge as a sports crypto.
Most teams aren't yet crypto-friendly, but that could change quickly as the competitive advantages become apparent.
As long as the ecosystem continues to grow, forward-thinking teams like the Oakland A's and San Jose Sharks will give themselves a leg-up by accepting Doge for ticket sales and other payments.
Teams already depend on fan loyalty to make money. Those that figure out how to tokenize membership to fan communities will open up new revenue streams.
Blockchain-based sports gambling is another possible avenue for crypto inflows into the world of athletics.
As a leading currency for payments, Dogecoin stands to benefit from all of these developments.
Doge for sports would be an unbeatable team.
If you build it they will come
Hints have been accumulating for months about a major fusion between pro sports and cryptocurrency. Now, the secret is out.
With the latest round of ads and announcements, the combo of sports and crypto looks ready for game time.
Crypto typically gets skeptical coverage from the media. Athletes can play an important role as ambassadors by showing people that it is a fun and potentially revolutionary technology.
Most payers have a strong incentive to exercise caution when sharing their investments with the public because no one wants to cause financial harm to their fans. It's a telling sign that, of the stars talking openly about cryptocurrency, many are backing Doge.
Among cryptos, Dogecoin's memes and broad appeal position it to dominate the sports scene for years to come.
Go Doge!
Dogey Treats: News Bites
Gary LaChance of the Dogecoin Foundation and Million Doge Disco announced World Peace Day on September 21st, a decentralized festival to fight unify communities, fight social isolation, and wage peace. The festival will include dance parties, keynote speakers from the Doge community, and an NFT giveaway.
Elon introduced his Shiba Inu to the world by tweeting "Floki has arrived" with an adorable picture of his pup sleeping on an oriental rug.
Robinhood CEO Vlad Tenev liked an old Elon meme depicting his disappointment that crypto wallets weren't ready.
Over 700 Dogecoin nodes are now running 1.14.4, which enables fee reductions for Doge transactions. More details emerged about the Doge-Ethereum bridge.
Apple was ordered by a judge to allow apps to choose their in-app payment method, opening up the possibility for iPhone apps to accept Doge and other cryptos.
Thank you!
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
Disclosure: I currently own some Dogecoin, Bitcoin, and Ethereum. At the time of publication, Dogecoin is around $0.24 per coin.