The marketing director for the USA Luge Foundation has likened the investment of Bitcoin to the sport that sees one or two athletes on a toboggan that shoots down an icy track.
Gordy Sheer said: “You know, we hear a lot of jokes about lugers being crazy, and people don’t know why we do it.
“But luge is something that gets into your blood and transforms your life and the Bitcoiners we’ve met know exactly what it’s like to be all in on something that the world doesn’t appreciate yet.
“We’ve looked at Bitcoin hard, and it is definitely a risk-reward we understand and are eager to take.”
Former luge Olympian turned Wall Street investor, Ty Danco, was one of the first to invest into the wallet and declared that cryptocurrency is a “natural and good fit for the team”.
He explained: “It’s such a natural and good fit for the team. The luge team is not thinking short term, but long.
“By hodling Bitcoin with the express goal of holding on through the 2022 and 2026 Olympic Games, the sport hopes to change from being underfunded to being able to support full teams on the World Cup level at the same time as developing grassroots youth programs to develop athletes.
“Bitcoin is still in its early days, and hats off to USA Luge for being both brave and prescient to ride this wave.”
The team put together a list of targets they will meet as crypto investors begin to donate.
Once they receive five Bitcoins the cryptocurrencies logo will appear on team hats while 10 Bitcoins will introduce its logo onto the outerwear of the team for the rest of this year, excluding the Olympics.
If 25 Bitcoins are donated the virtual currencies logo will appear on the team’s sleds for the next two luge seasons.
If the Bitcoin amount doubles then the team will display the iconic B logo on their sleds for the next four seasons.
If and when Bitcoin donations reach 100, then the currencies logo will appear on team kits for four years, excluding the Olympics.
The current value of Bitcoin is $8,824 (£6345.25) which marks a value increase of 8.23 per cent in the last week.
If the team were to receive 100 Bitcoins in donations, they would have received $882,400 (£634,525.02) worth of the cryptocurrency.