The Premier League is beginning to see an influx of cryptocurrency money as clubs begin to enter the digital currency space. Bitcoin launched into popular culture at the end of 2017 when it peaked near £15,000 and sent the financial market into a frenzy.
The next Neymar or Mbappé mega transfer could be carried out with some sort of cryptocurrency. There is no hiding the massive influx of wealth into football, and it will only be a matter of time before football clubs begin to take advantage of the growing cryptocurrency market.
A marquee signing using Bitcoin or another digital currency could save British clubs from converting money into Euros. The potential cost-cutting side of cryptocurrency will surely appeal to some stingy Premier League owners looking to save more.
Cryptocurrency could also weed out some of the negative aspects of football transfers which have plagued the sport. Football transfers, such as Neymar’s £222 million move from Barcelona to PSG, often operate in a murky financial arena.
But, the massive commercial aspect will also attract many of the top European and English clubs. In the last month, seven Premier League clubs have set up cryptocurrency wallets to diversify their club’s financial portfolio. Starting a wallet is the club’s first step into the cryptocurrency market, and it represents the beginning of the Premier League’s interaction with the digital currency phenomenon.
Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton, and Crystal Palace all currently have cryptocurrency holdings. Tottenham remained inactive during the summer transfer window, but there’s a small chance their next purchase could be done using Bitcoin.
Massive amounts of wealth are transferred between clubs, and every transfer window teams are looking to improve their squads. So far this Premier League season, it looks like Liverpool have made out with the best transfer window.
Liverpool won their first five Premier League matches, and they managed a 3-2 win over European giants PSG. The strong start to the season suggests that Klopp’s side can challenge both domestically and in Europe. Near the end of last season, Liverpool struggled with depth and faltered heavily when star forward Mohamed Salah went down with an injury against Real Madrid.
But, Liverpool has added more strength and depth than any other English team at their level, and it can prime them for a league title challenge and another deep Champions League run.
The teams around them have failed to impress in the transfer market as much as Liverpool. Defending champions Manchester City arguably did not need to improve too much on their stacked squad that ran away with the title last season. However, after a poor start to their Champions League campaign with a loss against Olympique Lyon, supporters will question whether Pep Guardiola should have invested more into his defence.
Manchester United has a team on paper that should be competing with their cross-town rival, but the club is in turmoil after a rocky start to this season. United finished second last season, but they were miles off of City’s 100-point pace. Manager Jose Mourinho is under increasing pressure, and he was unable to strengthen his squad as much as Klopp.
Brazilian midfielder Fred and young fullback Diogo Dalot may prove to be solid players in Manchester, but United has bigger problems in defense. Liverpool snatched up Virgil van Dijk last season, one of the best centre-halves in the Premier League. But, Mourinho missed out on a marquee signing for the centre of his defense once again this transfer window.
Tottenham Hotspur finished third in the Premier League last season, and they made waves after they failed to sign a single first-team player in the summer. Manager Mauricio Pochettino now has to reckon with tired legs after the World Cup and will toy with the idea of giving rest to star striker Harry Kane.
But, Tottenham’s foray into cryptocurrency potentially sets them up to be the first Premier League club to use Bitcoin to facilitate a transfer. Tottenham’s squad needs a boost, so it may happen sooner rather than later.