Money Move: Back in 2015, Wooter emerged as an early trendsetter by becoming the first sports apparel company to accept Bitcoin as a payment form for its customized sportswear, jerseys, and uniforms. Now with the current return and rise of the cryptocurrency, a number of big (Nordstrom, Expedia, Whole Foods) and small businesses are following suit.
Don’t look now but the “comeback player of the year” award this year just might go to Bitcoin.
The once risky and suspect “cryptocurrency” is in a current resurgence that’s created substantial newsworthy headline buzz this week when Bitcoin prices surged passed $8,000 giving investors — particularly “cryptoinvestors” — some hope that this rise is legit and has staying power. Yet investors aren’t the only ones turning their attention to Bitcoin. Companies like Starbucks, Microsoft, Nordstrom, Expedia, and Whole Foods now accept Bitcoin and that list will likely continue to grow as the currency price keeps rising.
You can add Wooter’s name to that group as well. Actually, go ahead and put it right at the top.
Back in 2015, Wooter was merely a year into their start-up infancy when they emerged as an early trendsetter by becoming the first sports apparel company to accept Bitcoin as a payment form. It was the right move at the right time for the Staten Island company that has become the one-stop-shop for sports teams, leagues, and organizations wanting to customize their entire sports experience — from jerseys and uniforms, to league and team websites, and an improved communication and management platform thanks to the Wooter App.
If this recent surge and rise of Bitcoin is any indication of how the cryptocurrency is perceived and its current “mass-market” appeal, chances are Bitcoin could go from “comeback player of the year” to a world champ.
Two years later Bitcoin prices reached an all-time high of just under $20,000 in 2017 before falling from grace the following year. It’s been pretty much radio silence since until the past few months when Bitcoin prices shot up roughly 60% after plummeting 75% last year. Within that time, Wooter too saw the rise of their own company.
Over the course of the last five years Wooter has created a brand new experience for running and playing in sports leagues and formed relationships around sports that has helped shape the brand. The company has been successful in forming strategic partnerships throughout sports with some of the world’s most influential clients in over 35 different countries. Wooter offers 250-plus customizable products, have received glowing media attention from the likes of TechCrunch, UrbanDaddy, Elite Daily, The Source, and TechCom, while also receiving multiple awards from Entrepreneur Magazine — named 1 of the 360 Best Entrepreneurial Companies in America; and 1 of the 100 Most Brilliant Companies.
The best part is, Wooter is just getting warmed up. Along with partnering with the likes of Master P, Floyd Mayweather, Kawhi Leonard (KL2 Mammoths), Carmelo Anthony, Hunter Pence Baseball Academy, Jeff Teague (Team Teague AAU Basketball) and the J.J. Watt Foundation, Wooter Apparel has also created gear for the Brunson League, Ballin’ 4 Peace, the San Diego Strike Force of the Indoor Football League, Florida Atlantic University (Lacrosse), and Reedly College (Football) in addition to a number of other players, teams, leagues, and organizations that have team-up with Wooter around sports.
It’s even more reason why Wooter (and Wooter Apparel) continues to accept Bitcoin. The company is even extending a limited offer to their customers by offering a free $10 in Bitcoin for those who sign-up at Coinbase. Much like Bitcoin, good things come with growth and timing. What’s the reason for the return and rise? How long will it last? What other sports apparel companies will follow the lead of Wooter and extend yet another payment option for its consumer.
Some point to the optimism people are feeling about Bitcoin being the electronic version of “Gold” or being an alternative to “cash”. Others merely see this as a fleeting fad that will come and go with the first version launch of Bitcoin in 2009 and its most recent version coming out this past December.
If this recent surge and rise of Bitcoin is any indication of how the cryptocurrency is perceived and its “mass-market” appeal right now, chances are Bitcoin could go from “comeback player of the year” to a world champ.