In 1893, Aston Villa paid ?100 for a player by the name of Willie Groves. The move sparked controversy. West Brom, Groves’ former club, accused Villa of poaching the highly coveted striker. The move was notable for other reasons, too - this was the first ever three-figure fee paid for a football player. Groves' transfer signaled a new dawn for the sport, one where football and finance would become inextricably linked.
This week, almost 140 years after Groves’ historic move, another striker made front-page headlines. David Barral, a former Real Madrid B player, became the first-ever footballer to be purchased using cryptocurrency. Although the exact price paid by DUX Internacional de Madrid, Barral’s new club, is unknown, the Spanish outfit is sponsored by Criptan, a local platform that specializes in the buying and selling of crypto.
The move, much like Groves’ transfer, set tongues wagging. Shock and awe swept the world of football. However, for anybody with a vested interested in the sport, this type of transfer was far from shocking. In fact, it was inevitable. Two juggernauts like Bitcoin and football were always going to become intimately familiar.
For years, crypto-companies have been partnering up with football clubs, conducting lucrative deals and exerting increasing amounts of influence. In 2019, for example, Watford, then playing in the Premiership, expanded their partnership with Sportsbet.io, one of the world’s leading multi-currency sportsbook operators. The move was significant because it placed Bitcoin branding on the sleeve of the club’s rather stylish jerseys. With the deal, Watford became the first club in England to use Bitcoin for purchasing merchandise.
Though some clubs are happy simply using cryptocurrencies to purchase merchandise, other clubs decide to up the stakes and purchase a player. The next logical step will see the purchasing of clubs using crypto.
Which brings us back to most Barral’s transfer. Not only is DUX’s decision a financially shrewd one, it’s also a stroke of PR genius. If the club’s owners had paid in traditional fiat currency, the move would have garnered next to zero interest in the world of football, never mind in the broader world of economics and finance. Now, it seems, everyone is talking about DUX, a relatively unknown club. At 37, Barral is in the twilight of his career, yet top sporting sites, like SPORTbible, are covering the transfer.
More importantly, DUX’s decision to sign Barral using Bitcoin will attract new fans and much needed coverage. In these strange times, with the pandemic ensuring further economic malaise, many a football club is starved of both attention and revenue, with hundreds facing the prospect of bankruptcy. Credit where credit’s due, DUX have made one of the craftiest signings in years. The club’s owners clearly understand that optics are everything. Even if Barral fails to contribute much on the field, his move will do more than enough off the field to justify his signing.
When it comes to setting financial precedents, both figuratively and literally, the Spanish club has set the ball rolling. From Groves to Barral, what next for football? Who knows? But one thing we do know is this: Football has crossed the crypto-infused Rubicon. There’s no turning back now.
