FIFA World Cup in Russia Could Help Bitcoin’s Price Soar As its Utility Increases
June 14th, 2018 is a big day for many sports fanatics, as the Russia World Cup is set to happen in Saudi Arabia. The crypto and sports world is believed to come together this year, as many establishments will be accepting Bitcoin and altcoins as a mean of exchange. Could this mean a potential hike in Bitcoin price? This is what everyone is anticipating.
For the longest time, the Russian economy was barred from encouraging digital payments, as the US-Russia relationship was somewhat distant in the past. While making mixed headlines, some depicting the relationship to have become better and others, suggesting a worse, Russian Banks are finally given access to payment methods like that of Visa and MasterCard.
Unfortunately, the digital payments are not as sound as they can be, as both Visa and MasterCard were not accessible by Fintech, a Russian establishment that works towards developing new technology for the financial sector. Hence, enabling the country to come up with its own payment system, called the Mir.
Regardless of the rather inconvenient position Russia holds in digital payments, many have turned to the likes of Bitcoin as a mean of exchange – especially during the Russia World Cup. As per existing information, Kaliningrad hotels, airlines and travel agencies will be accepting Bitcoin and altcoins as a mean of payment. This is great news, given the fact that Bitcoin has been suffering since its downwards trend after it hit close to CAD$24,000 near the end of last year.
Bitcoin has been notably criticized lately, as its associated fees spiked near December 2017. In addition, many consider it to be relatively slower in terms of speed and inefficient when it comes to the amount of energy it uses on a transaction basis.
Crypto fanatics were hoping for a bull run when the Consensus Conference took place in New York, however, that did not play out to one’s expectations. Now that consumers are encouraged to make use of crypto during the Russia world Cup, not only are consumers expecting Bitcoin’s over utility to go up, but also its demand and eventually its value.