Idaho: 2014 CdA Diamond Cup to accept Bitcoins
(Coeur d’Alene, Idaho) Event Coordinator Doug Miller announced today that he would accept Bitcoins from corporate sponsors and block-ticket buyers through a signing agreement with the leading cryptocurrency conversion company, BitPay.
The Coeur d’Alene Diamond Cup this year will receive world-wide television coverage broadcast as a major sports event. It will also stream live over the internet to more than 100 countries around the world, hosting some of the fastest hydroplanes in existence.
BitPay opens the Door for Major Sporting Event
BitPay Representative Alan Golub of Hayden signed up the 2014 Coeur d’Alene Diamond Cup Hydroplane Races Wednesday to accept Bitcoins through the world’s top currency conversion company.
“This was a wise decision on behalf of the race coordinators,” Golub said. “Their willingness to participate with the Bitcoin community opens this race up to major sponsors from all over the world,” he said.
Diamond Cup Unlimited LLC brought the races back to Coeur d’Alene Lake last year. It ran yearly on the lake until 1968 when it closed due to financial debt, it’s promoters are optimistic about it’s return on investment potential.
A little research paid off
Miller explained how he researched BitPay to prepare for the meeting. In doing so, he found Wile’s story in the Business Insider where just this week Sir Richard Branson of Virgin Galactic fame and others invested another 30 million dollars in the top currency processor.
That news was particularly exciting, Miller explained, because Coeur d’Alene resident Burt Rutan, considered one of the top flight engineers in the world is a personal friend of Branson’s and loves the hydroplane races.
“Burt Rutan is Branson’s chief project engineer in the building of the largest jet airplane ever,” he said, “Rutan has Branson’s personal cell phone number in his phone…that’s how close they are.”
It is well known that Branson is one of several world class investors who strongly believe in the rising value of Bitcoin. These guys put their money where their beliesf resides and thus demonstrate their solid convictions that cryptocurrencies are here to stay.
“Branson’s investment, and that of others, certainly confirmed a statement of faith about BitPay as a currency conversion company,” Miller said.
Business Insider online
In the Business Insider story by Rob Wile, which ran May 13 of this year, Wile quotes Branson as saying, “Banking as we know it is in the midst of enormous change and innovation. We have jumped in by investing in alternative payment models and also by accepting Bitcoin for tickets on Virgin Galactic, the world’s first commercial spaceline.
“BitPay has proven itself to process Bitcoin safely and reliably, growing the market and increasing adoption, which continues to build trust, legitimacy and momentum in this exciting currency revolution.”
And here’s what Forbe’s contributing writer, Perianne Boring had to say about Branson’s bold investment.
Branson’s statements and the weight of these two magazine endorsements was enough to convince Miller that he’d be making the right decision in signing with BitPay through Alan Golub.
People from all over the world are attracted to Coeur d’Alene because of these races. The Diamond Cup is a major televised sporting event, Miller said. This year it will run live on video stream over the internet reaching more than 110 countries.
A big deal
Hydroplane races are a big deal in Europe and Asia. China itself will be hosting two such events in 2015. So you can imagine the attention this event will gather for inbound sponsors.
Miller is hoping some the bigger players in the Bitcoin community will seize this opportunity and join the growing list of sponsors.
Miller may be right on hydroplane racing attracts the same kinds of people that populate the Bitcoin community: people who love horsepower, technology and thinking outside the box.
The world of racing is big, but let’s face it: you can’t make a turn on water in the same way that you race around a banked turn on a track. What’s really great about hydroplane racing is that when the race is over, the track is dismantled.
By comparison, automotive race tracks must be maintained year-round to house a single event, and at great expense. Not so at Coeur d’Alene Lake. The event brings in between 2 and 3 million dollars, entertains a large end-of-summer crowd, boosts the local economy and then returns the lake to its quiet normality.