The United States luge team to the 2018 Winter Olympics in PyeongChang, South Korea has been accepting donations in bitcoin. These donations have been geared towards raising the necessary funds for a traditionally underfunded team in order to support their Winter Olympics ambitions.
Lugers Slide into Bitcoin
Ty Danco is a veteran of the 1980 Winter Olympics. Ty Danco, also a former luger turned angel investor, said that the sport and bitcoin make quite the pair. According to this Olympian, the behavior of bitcoin bears striking similarities to the luge sport.
He then drew parallels to the inherent risk involved in bitcoin investments, the frequent crashes, the explosive speed of growth, as well as the need to hold on for dear life (HODL)sometimes as being characteristic of the sport as well.
He admitted to CBNN reporters that funds to support lugers have always been very scarce, and that was part of the reason why he encouraged the team to adopt fundraising via bitcoin to expand the reach of the fundraising activities.
He was also the one that made the first bitcoin donation to the team.
The U.S. Winter Olympics luge team has been accepting bitcoin donations since December of last year in preparation for the winter games.
Although luge athletes have individual sponsors, teams generally lack the necessary funds to attend events like the Winter Olympics. This is something that Ty Danco knows all too well.
Speaking with CBNN, he reiterated the need for the team to pursue as many avenues as possible to raise funds to cement their participation in tournaments.
With the explosive popularity of bitcoin and the cryptocurrency market in general, it is a good bet that bitcoin donations can become a viable means of raising funds for these cash-strapped sports teams.