On Thursday, the cryptocurrency was back on track over the football club PSV’s paid sponsorship with Bitcoin. In the past week, the market was down over the Evergrande crisis.
Cryptocurrency A Promising Alternative
The Dutch football club PSV announced today that they have signed a deal with Anycoin Direct for bitcoin exchange. This is the first club in the EU to do a paid Bitcoin partnership.
PSV’s Commercial Director, Frans Janssen, revealed how this fits for the club that finds cryptocurrency promising with far-reaching possibilities in the future.
Bitcoin was upbeat on this news and traded at the $44k level with about a 4% upswing. However, it’s still below the $50k level. Other cryptocurrencies like Ethereum traded at the $3k level with a 6.6% upswing.
Investors & Traders Upbeat
Seeing such big names repeatedly entering the digital currency sector, the investors and traders in the cryptocurrency market are pretty upbeat. This change is gradually becoming normal, more so after El Salvador adopted Bitcoin as their currency.
This has prompted others like investment management company Invesco to enter the crypto market. The firm is partnering with Galaxy Digital to launch crypto products for its consumers. The digital products will be backed with physical assets. They have $470billion worth of ETFs and indexed strategies and assets worth $1.5trillion worldwide.
The Crypto Regulatory Worry
However, the crypto regulatory environment worries them as there isn’t any clear guideline as of yet. It’s likely to be the same in the next year, said Galaxy Digital CEO Mike Novogratz.
This is worrying others as well, like the hedge fund billionaire Ray Dalio who owns Bridgewater Associates. According to him, regulators will kill crypto if it becomes very successful.
Coinbase COO Emily Chi, on the other hand, called for more transparency and integrity in the market as her company sent proposals to the regulators. She believes that crypto regulations ultimately have to support financial services and the crypto market with fair and equal opportunities. They have already received support from the UAE regarding this.