Football’s dangerous love affair with crypto

The value of cryptocurrencies like Bitcoin, and digital assets more generally, is a controversial topic at the moment. Some dismiss decentralised finance as nothing more than a fad and a bubble, while for others we are on the cusp of a ‘monetary revolution’. For what it’s worth, my own view of crypto is somewhere down the middle. The blockchain technology which underpins crypto could be potentially transformative if used properly. But often this innovation is tarnished by the many dodgy cryptocurrencies that have emerged which have no real usefulness or value. Often issued by shady cryptoexchanges with questionable business practices, these are nothing more than high-risk speculative assets – if not outright scams – which almost inevitably lead to vulnerable consumers losing their money.

And there is a particular problem with these companies and products at the moment. A worrying trend has emerged recently. Faced with widespread regulatory pressure, many cryptoexchanges are investing in staggeringly expensive marketing campaigns – and their focus has often been on the world’s top footballers and elite clubs.