The USA Luge team is making history for they are the first US Olympic team to accept Bitcoin donations.
Historically, Luge team has not been one of the more popular Olympic sports for American viewers. But for a different reason, it’s now under the spotlight.
However, what his move means is?
It means that the USA Luge team is often in need of funds. While the team does have some sponsors, every little bit counts quite a bit, which is why the team is turning to it for help.
Gordy Sheer, the USA Luge marketing director and silver medalist in the 1998 Olympic doubles, sees some parallels between crypto users and lugers.
His words are just as follows, “You know, we hear a lot of jokes about lugers being crazy, and people don’t know why we do it. But luge is something that gets into your blood and transforms your life…and the bitcoin users we’ve met know exactly what it’s like to be all in on something that the world doesn’t appreciate yet. We’ve looked at it hard, and it is definitely a risk-reward we understand and are eager to take.”
Another statement by former Olympian Ty Danco and crypto investor, “It’s such a natural and good fit for the team. The luge team is not thinking short term, but long.”
There are some current tax benefits for donating it to Team USA. Donors will not have to pay the taxes on any appreciation gained, which will help keep the IRS off their backs. Also, donations made this year will fall under the current tax code. Overall, it’s great for a financially-strapped team to look to independent donation sources, and cryptocurrency is just the thing.
The team has put up a rewards schedule depending on how much Bitcoin they raise in the future.
- 5 BTC – Bitcoin’s logo will appear on team hats and memorabilia hats.
- 10 BTC – Above, including Bitcoin logo sewn onto all luge team outerwear for the 2018 season (excluding the Winter Olympics).
- 25 BTC – All of the above, including Bitcoin logo of sleds for the next two seasons.
- 50 BTC – All of the above, with Bitcoin logo on sleds for next four seasons.
- 100 BTC – All the above including Bitcoin logo on team skin suits for four years (excluding Olympics).
For 21 million the team promised to find ‘Satoshi and get him on a sled’ – 21 million is the finite number of Bitcoins.