Kieran Maguire warns Aston Villa fans as recently signed deal blasted an 'abomination'
Aston Villa must be very careful not to mislead their supporters when it comes to the risks associated with cryptocurrencies.
That is according to finance guru Kieran Maguire, speaking exclusively to Football Insider about Villa’s agreement with Socios.
Speaking to Joe on 4 October, chairman of the Aston Villa Supporters’ Trust Peter Warrilow called cryptocurrencies an “abomination”.
Socios, with whom Villa signed in the summer, allows users to purchase fan tokens that are used to vote on certain club matters.
Villa, for example, are currently allowing those who sign up with Socios the chance to vote on the name of a new road at Bodymoor Heath.
But Maguire explained the risks associated with crypto and claims Villa must be wary not to mislead their own loyal supporters.
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“I think there is a big knowledge gap at present,” he told Football Insider correspondent Adam Williams.
“It is a potential gateway to cryptocurrency, and cryptocurrency is a form of gambling.
“People can be misled in the sense that is being sold as a way of fan engagement. But when you look at the fine print, it’s very vague.
“Fans get to change the name of a road at the training ground, but how important is that on a long-term basis?
“When it comes to the votes on some of these polls, they are linked to the number of Villa tokens that you own. That encourages you to buy more.”