Checkmate for Bitcoin (BTC)!
Bitcoin (BTC) is striving to successfully establish itself in the monetary and financial landscape. Elsewhere, it is diving headfirst into all kinds of adventures, including the world of chess.
Bitcoin and chess: a match made in heaven?
From 23rd to 31st May 2021, the world’s best chess players will face off against each other to win 2.1825 bitcoin (approximately £62,000) during the FTX Cup, sponsored by the cryptocurrency exchange FTX.
The first match saw world champion Magnus Carlsen and his arch-rival Ian Nepomniachtchi draw after 47 moves. Carlsen must also battle against the world’s top 15 chess players.
The FTX Cup is part of the 2021 Meltwater Champions Chess Tour. Beginning in November, it will run for 10 months in total. The total prize money pool sits at $1.5 million (~£1.06 million).
Sam Bankman-Fried, the CEO of FTX, believes that the “chess demographic overlaps a fair bit with the cryptocurrency demographic”. Both tend to attract the attention of young, tech-friendly math-lovers.
FTX will broadcast Bitcoin’s price throughout the tournament. The price is so volatile at the moment that it can change direction even faster than a game of chess. The FTX Crypto Cup will be streamed online, as well as on Eurosport.
Cryptocurrencies give back to charity
Meanwhile, crypto enthusiasts who are not chess grandmasters will be able to show their skills at a tournament sponsored by Coinbase.
On 18th May 2021, Chess.com announced that Coinbase was to sponsor its own tournament. This time, rather than chess professionals, the competitors will be crypto experts.
Among the list of participants are Vinny Lingham, the founder of Civic and SiliconCape, Logic, the rapper and cryptocurrency investor, and Anthony Pompliano.
The Chess.com tournament will take place on 12th and 13th June 2021. The winner will receive $25,000 (~£17,700) to donate to a charity of their choosing.
Cryptocurrency exchanges advertise Bitcoin (BTC) for different reasons, such as a passion for digital currencies or for strategic business interests. Elsewhere in the financial world, perhaps Peter Schiff should organise his own chess tournament, ‘the Schiff Chess Gold Cup’, with gold lingots as the top prize. In any case, Bitcoin’s bull run from October 2020 onwards owed a lot to institutional actors, but its continuation relies on a veritable explosion in its adoption by the wider public. It must conquer the average joe’s portfolio, reassuring them about its future and becoming less mysterious. Bitcoin markets have been haemorrhaging for the past week, much to the delight of its detractors. In general, the crypto market is often as complicated as a game of chess. Maybe Bitcoin could learn a thing or two by watching the FTX Cup.
I am a designer by trade but my passion is crypto. I am a creative geek, that shows his creativity through the popularisation a sector that is not the easiest to understand.