Adoption

After the El Salvadoran Parliament agreed to adopt Bitcoin as the country's second national currency alongside the US dollar, the new currency will be officially launched on September 7. The country has done most of the groundwork for the Bitcoin launch.

The adoption of cryptocurrencies including Bitcoin among various sports clubs has increased significantly. The latest club to jump on the digital currency bandwagon is Dutch Football Club, which accepts all of its sponsorship payments in Bitcoin.

Although President Nayib Bukele was confident about his country's decision to recognize Bitcoin as legal tender, he was nearly brought down by widespread institutional criticism from agencies such as the International Monetary Fund (IMF), the World Bank and others. However, the recent endorsement from Bank of America gives Bukele renewed vigor and enthusiasm to continue pursuing the Bitcoin dream.

The International Monetary Fund (IMF) and the World Bank have been somewhat reticent about countries giving cryptocurrencies legal tender status or promoting their widespread use within their borders, but no one seems to be listening.

Cryptocurrencies are on the rise in numerous industries including sports. Many sports clubs are introducing salary payments, partnerships and sponsorships in crypto. AZ Alkmaar is the latest European sports club to crack a partnership deal where part of the sponsorship amount is disbursed in bitcoin.

Blockchain is certainly the next big technology for the global economy.