Just as investors follow every minute of stock market movement, 16 of the world’s top chess players need to closely monitor Bitcoin’s price movement right now. Why? What does chess have to do with cryptocurrency, you ask?

These 16 players, including world chess champion Magnus Carlsen, are fighting in the FTX Crypto Cup for a prize fund of $ 220,000 and an additional $ 100,000 in Bitcoin.

Some of the big names participating in the tournament include Hikaru Nakamura, Ian Nepomniachtchi, Levon Aronian, Fabiano Caruana, Teimour Radjabov, Wesley So and Anish Giri.

Over the course of 9 days, these players manage to strategize with every move, fight internet disconnections, fight silly mouse slips – all for a currency that rises and falls on Elon Musk’s tweets. .

Following Musk’s tweet about Bitcoin Mining’s ‘insane’ energy consumption and China’s subsequent reins in crypto trading, the asset plunged to $ 30,000 last week, from highs of 63,000. dollars at one point in early April.

Naturally, the FTX Crypto Cup’s additional price of $ 100,000 in Bitcoin – or 2.1825 Bitcoin – also dropped below $ 70,000. At the time of writing this article, the live tracker on the tournament website indicates that the prize is worth just over $ 83,000.

Volatility aside, it looks like the chess world has heated up to decentralized digital currency. When the championship was announced, CEO and founder of FTX – a cryptocurrency exchange, Sam Bankman-Fried said, “Online chess and digital finance are growing rapidly. We are delighted to be a part of this trip. ”

Carlsen, who has been the world chess champion for a decade now, also expressed his excitement about FTX joining as a sponsor. “I feel a renewed sense of motivation now that we have found a partner in FTX who shares our common goal of developing chess,” he said.

On May 25, Chess.com also announced an exciting tournament called CryptoChamps, powered by Coinbase. The event, which takes place on June 12 and 13, will feature figures from the cryptocurrency world such as Anthony Pompliano, Benjamin Cowen and Matt Huang.

All of this is such exciting news that the partnership with the sports world holds great potential for the crypto market. It is one of the easiest ways to familiarize the masses with the concept of decentralized digital currency. Imagine the number of Indians jumping on the crypto bandwagon if the IPL price was in Bitcoin!

Meanwhile, the Crypto Cup is currently on day 5. With the competition running until May 31, there is still plenty of time for the value of 2.1825 Bitcoin to fluctuate. We have to wait and watch to find out what the winner comes away with.