The BitCoin St. Petersburg Bowl's place in bowl history looks to be a fleeting one.
First reported by CoinDesk, the 2015 St. Petersburg Bowl will no longer have Bitcoin as its title sponsor. BitPay had originally signed a three-year deal to have BitCoin be the title sponsor of the game.
BitCoin is a peer-to-peer online currency system without a central authority. Because of its structure, it's come under scrutiny, especially for its security. The value of a BitCoin fluctuates and when we wrote about the sponsorship announcement, a BitCoin was worth over $600 according to this website. Now, it's worth less than $250.
According to an ESPN spokesperson, “The decision to rebrand the event to the St. Petersburg Bowl was a mutual one between both BitPay and ESPN.”
The St. Petersburg Bowl website already reflects the change in branding as BitCoin is no longer gracing the bowl's logo. The @BitCoinBowl Twitter handle is also gone if you search for it on Twitter while @StPeteBowl exists.
BitCoin is the second new-in-2014 bowl sponsor to not return for 2015. Duck Commander is no longer the title sponsor of the Independence Bowl. However the game was not played with a sponsorship contract and the name of the company was used as an attempt to leverage other companies into sponsorship agreements with the bowl.
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