Kieran Maguire tips Arsenal to exploit 'stupidity' of fans and sign new deal
Arsenal will likely continue their relationship with cryptocurrency even after their current deal with Socios expires.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the Gunners’ involvement with the blockchain industry.
Arsenal announced a partnership with Socios in July last year, with the firm offering fans a say in club policy in exchange for the purchase of fan tokens.
Data taken from Coin Market Cap on Friday (17 June) shows that the token, which began trading at around $6, is now worth approximately $1.50.
The market price at one point crashed as much as 15 per cent in a single day.
But Maguire does not anticipate that the Londoners will walk away from the crypto industry any time soon.
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“As P.T Barnum said, never underestimate the stupidity of the public,” he told Football Insider’s Adam Williams.
“When it comes to football clubs, they hold the fans in contempt by selling such products. Providing they are making some sort of financial return, they are likely to continue.
“There is always someone that will say to buy the dip and recover your money that way. You can see football clubs continuing with this methodology.
“If it is not losing them any money, why should they care?”
The Advertising Standards Agency pulled two Arsenal-Socios adverts earlier this year for a breach of guidelines.
The Gunners are one of the dozens of clubs to have signed with the company.