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Report: World Cup Could Spur on Crypto Market

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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Cryptocurrency prices could climb during the World Cup, due to kick off in Russia in just two weeks’ time, claims a Forbes contributor.

The writer, Billy Bambrough, says that a drop of around 50% in Bitcoin transactions since late 2017 has contributed to a sluggish market for crypto.

Bambrough notes that American sanctions against Russia mean that “digital payments in Russia have become fraught in recent years, with US payment giants Visa and MasterCard blocking credit card services to some Russian bank customers,” and writes that there “is still plenty of friction when it comes to digital payments.”

This could well open the door for crypto-friendly football fans to seek to pay in Bitcoin and altcoins during the month-long World Cup – which, in turn, could help drive up the price of a range of cryptocurrencies.

Already, Apartments Malina, a chain of hotels in a Russian enclave Kaliningrad – which will host four World Cup matches – has teamed up with Russian electronic payment service Free-Kassa for a deal that will allow guests to settle their bills in Bitcoin. A number of travel agents, as well as a network of Russian bars, have also announced that they will accept crypto payment during the tournament.

Russian crypto-blogger Elena Sergeeva claims, “You can also exchange cryptocurrency for [conventional currencies] at exchanges in the center of Moscow. Fees can be a little steep, but it’s a convenient service.”

Also, a couple of recent graduates from Imperial College London, in the United Kingdom, say they have teamed up with official ticket vendors of the World Cup to sell 10,000 tickets on blockchain, as previously reported.