Since its inception, the Indian Premier League has been a cricket fan-favourite and is loved worldwide, diminishing all geographical borders.
On the other hand, Cryptocurrencies have been an investor-favourite asset class. It is sought after internationally and is used as a currency with no geographical boundaries.
Isn’t that interesting?
Little Known Facts about IPL and Cryptocurrency
While it’s not news that IPL and cryptocurrency are starring in their own categories, here are some fun facts about IPL Cricket and Cryptocurrencies.
The Indian Premier League and Bitcoin – the first digital currency share the same year of birth – 2008.
Soon after BCCI announced a franchise-based T20 cricket league launch, the first IPL match was held in April 2008 in an illustrious ceremony in New Delhi. The then BCCI vice-president Lalit Modi is the mastermind behind the introduction of this exciting league in the world of sports.
While Lalit Modi was planning the IPL, an anonymous cryptographer published a whitepaper on Bitcoin: A Peer-to-Peer Electronic Cash System under the pseudonym Satoshi Nakamoto during the same time in 2008. This whitepaper was the foundation on which humankind’s first fully decentralized digital currency – Bitcoin was created.
2. Not the Firsts of their Kind
Although both IPL and cryptocurrencies were introduced in 2008, they are not precisely the first of their kind.
Before Lalit Modi came up with the IPL for BCCI, the Zee channel had its own minor league called the Indian Cricket League (ICL) in 2007. It was started without the support of BCCI for the first time and did not take off very well. It is also said that Lalit Modi had pitched the idea of IPL as a one day league back in the 1990s, and the BCCI rejected it. After the ICL was launched, it approved his concept in a T20 format.
Similarly, Bitcoin is technically not the first digital currency model. One of the earliest digital currency attempts dates back to the internet boom, in the petrol pumps of the Netherlands, where a group of developers tried to link cash to smartcards. Around the same time, another cryptographer David Chaum worked on an electronic cash model called DigiCash, which went bankrupt in 1998. Bit Gold, Hashcash, Web-based Money etc., were some of the other Bitcoin predecessors.
3. The First Time
Praveen Kumar bowled the first run in the IPL, and Saurav Ganguly played the ball. However, the bat of Brendon McCullum scored the first run in the IPL.
The very first crypto transaction took place between Laszlo Hanyecz and Jeremy Sturdivant. On 22nd May 2010, Lazlo, a young programmer from Florida, brought to a Bitcoin forum offering 10,000 BTC to anyone who can give him two pizzas.
Jeremy accepted the offer and ordered two medium-sized pizzas in exchange for Bitcoins. This event marked the beginning of using Bitcoin as a currency in exchange for goods and services.
The day is held for its significance as Bitcoin Pizza Day.
4. Digital Revolution
In 2010, Youtube and IPL signed a deal to broadcast the entire cricket season live on the streaming channel. It was the first and the most extensive live screening ever done on Youtube back then.
The most significant digital currency – Bitcoin, was used as money to buy two pizzas in 2010. This was the first time someone used digital currency to purchase any goods/ services. Around the same time, Bitcoin was listed for trading, and it hit $1 in the first half of 2011.
5. Cost of One
The star network pays ~₹24 lakhs for every ball bowed in 5 seasons, 56 matches and 20 overs. For context, the star sports network won the broadcasting rights to IPL in 2018 for five years at a sum of ₹16.3 crores.
It means that the broadcasting cost sums up to ₹3269.5 crores every year, which means every delivery cost is a staggering ₹24 lakh. And the channel was willing to pay such money because IPL is a robust business, and the returns are enormous.
Similarly, the price of just one Bitcoin is currently ₹43 lakhs. The reason behind such high value is that there are only 21 million BTC that can ever be mined and circulated. Also, its high utility value adds to the increase in demand for the currency.
6. Rise in Market Value
A decade since their inception, the IPL and cryptocurrency market value seems to have risen to uncharted heights while surviving many a slip.
Financial experts valued the IPL at $4.16 billion in 2016. Still, that number grew by 37% to $5.3 billion in 2017 and $6.13 billion in 2018. Currently, the brand value of IPL is ₹ 45,800 crore.
The crypto market, which Bitcoin majorly represents, started getting noticed around 2016 when its market capitalization was nearly $9.5 billion. Today it has crossed the mark of a $1 Trillion (₹71.4 lakh crores) economy.
7. Covid-19 Resistant
The pandemic has left a sour patch on the economies of many countries. While the legendary summer Olympics 2020 itself was postponed for over a year, IPL took a bold move to conduct the league. It decided to telecast the match through live streaming with no spectators in the stadium. The IPL 2020 was a refreshing change for fans and resulted in a 25% spike in viewership and made a record for the highest ever viewers for an opening day match.
In the investment world, the stock market crashed due to the pandemic. So many investors turned to cryptocurrency as an alternative investment. Its decentralized and deflationary nature acted as a hedge against the market crisis. The value of Bitcoin grew almost 800% despite the ongoing pandemic. Also, the number of investors during the pandemic increased by 400%.
8. Not Just a Man’s World
For years, both cricket and crypto were dominated by a male presence. Recently, more women are actively engaging in both areas and proving time and again that no world is just a man’s world.
After India’s massive success in the World Cup series for Women, experts felt the need for a Women’s IPL. As a result, BCCI launched the Women’s IPL series in 2018. The league currently includes three teams led by Indian stars like Harmanpreet Kaur, Mithali Raj, and Smriti Mandhana.
Until last year, the market was heavily dominated by male investors in the crypto space since many women viewed crypto as a high-risk investment.
Recently, there has been a surge in the number of women investors in the field. When CoinSwitch launched, it comprised just 3-4% of women investors. Nine months later, that number has grown over a 1000%. Currently, we have a women user base of 14-15%.
9. More than One
IPL may be a big league in India but is just one among the many leagues conducted worldwide. England has its own league named English Premier League. The others include NFL, MLB, UEFA Champions League etc.
Most people are under the impression that Bitcoin and cryptocurrencies are synonymous. While it is true that Bitcoin is the first and the most prominent digital currency, it is noteworthy that there are over 5000 cryptocurrencies currently in circulation. Each digital currency has a different purpose and value. Some of them include Ethereum, Ripple, Litecoin etc.
Although the two belong to different planets, IPL and Cryptocurrency seem to have many things in common. If you found this article enjoyable and could learn something from it, please share it with your friends.
P.S: KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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