Bitcoin now the prize for this sailing event

Touted as a digital store of value with scarce supply, Bitcoin has seen its fair share of comparisons to gold over the years. Keeping up with that trend, a sailing competition called the Liberty Bitcoin Cup offers Bitcoin (BTC) as a competition prize instead of a gold trophy.  

“The Liberty Bitcoin Cup is the prime cup for the Next Generation of World Class Sailors, competing on the Next Generation of High Tech Class Foil Sailing boats,” says the Liberty Bitcoin Cup’s website. “Where traditionally Gold Cups were the premier Cups in traditional sailing, this next generation is now powered by the Next Generation of gold – Bitcoin.”

Essentially, foil sailing employs new technology and design, according to a 2017 article from the Wall Street Journal. Foil boats utilize a design in which the boat maneuvers above the water’s surface to a degree, reducing friction and adding speed potential.

The Liberty Bitcoin Cup hopes to lower the barrier of entry for young people interested in foil sailing competitions, its website explains. This year’s competitors must fall within the birth year range of Jan. 1, 1996 to Feb. 15, 2003. “Teams consist of 3 or 4 crew members of mixed gender and shall race with both genders or all females on board,” the site says.

Including the finals, the cup consists of four events, and will pay out 1 BTC to the victor, according to the site.

Crypto industry folks have often compared and contrasted gold and Bitcoin over the years. Gold shares some use case similarities with Bitcoin, such as its role as a store of value, and has been viewed as valuable for millennia. Coming on the scene in 2009, Bitcoin does not yet have such a lengthy history behind it, but has gained notable adoption over the past year or so as company allocations to the asset have become more common.