PSV Confirms it is Still Hodling its Bitcoin

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Earlier in the year, leading Dutch football club PSV Eindhoven became the first football club in Europe to receive its entire sponsorship payment in Bitcoin. The club, in a recent interview with Bitcoin Magazine has revealed that it is still hodling the coins it received.

According to the commercial director of the club, Frans Janssen, the club has independent crypto wallets that it uses to receive its crypto payment. In the words of the club executive, “Anycoin paid their sponsor rights to us via a certain number of bitcoins which we hold in our own wallet.”

In August, a statement released by PSV revealed that it had high hopes for the crypto industry.

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The possibilities and the future that the world of cryptocurrency offers is very promising. As a club in the heart of the Brainport region, we are always innovating, and cryptocurrency fits well into this picture.

Interestingly, the club’s move was cited as a success in a recent marketing & insights event held in the Netherlands. This is testament to the club’s plan of increasing awareness about the digital asset in Europe.

Bitcoin, PSV and Other Institutional Investors

The leading digital asset has enjoyed wide adoption and acceptance from institutional investors ranging from PSV to others this year. One of such institutional investors earlier in the year was Tesla who not only invested in the space but also announced that it would be accepting the crypto asset as a payment method for its vehicles. However, this was short-lived as it later announced that it would be suspending its support for the coin as a payment option.

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Another institution that invested in Bitcoin was China-based tech company, Meitu, who invested around $100 million in the asset. Notably, the firm’s investment also included the second largest crypto asset by market cap, Ethereum. It later reported a gain of $14.7 million on its ETH investment and a loss of $17.3 million for BTC.

Still, despite the losses incurred, the board of the company said it “believes that the blockchain industry is still in its early stage and that Cryptocurrencies have ample room for appreciation in value over the long-term.” It concluded by saying that “there are currently no plans to sell the same in the near future.”

Away from these two institutional investors, a chainalysis report revealed that Bitcoin adoption is also growing exponentially within emerging markets like Nigeria, Kenya, Vietnam and others. The report stated that the depreciating value of national fiat currencies alongside the ease with which remittance could be done with BTC has made it an attractive option for its users.

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