The Tennessee Titans last night announced that it would become the first NFL team to allow its customers to use Bitcoin (BTC-USD) for payments. At first, the team will only accept the cryptocurrency for “large and recurring payments or services.” But down the road, the Titans intend to enable their fans to use Bitcoin to pay for low-cost, non-recurring items, including “single-tickets [and] merchandise.” Separately, a few websites recently issued bullish, long-term Bitcoin price predictions.
While a number of other major U.S. professional sports teams, including the MLB’s Oakland Athletics and the NBA’s Dallas Mavericks already accept Bitcoin, the currency’s entrance into the NFL is important for two reasons.
First, the NFL is generally viewed as “the most popular sport in America.” Consequently, assuming multiple NFL teams begin accepting Bitcoin, millions of these teams’ fans could very well follow in their footsteps and begin using and accepting the cryptocurrency.
Secondly, such a trend would create greater demand for Bitcoin, putting upward pressure on the cryptocurrency’s price.
What Are Top Bitcoin Price Predictions?
Turning to long-term Bitcoin price predictions, Gov Capital reports that “the asset price has been in a downtrend for the past 1 year.” Nonetheless, using deep learning systems, the website expects the cryptocurrency’s value to near $76,700 in a year.
Meanwhile, in five years, WalletInvestor expects the price of Bitcoin to be nearly $160,000. And finally, DigitalCoinPrice predicts that Bitcoin’s price, in average scenarios, would near $64,000 next year and approach $66,000 in 2024.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
