Bitcoin has advanced one more step towards mainstream acceptance. The Sacramento Kings basketball team has introduced a Bitcoin payment option to all players and staff, owner Vivek Ranadivé announced in a Clubhouse program.
The clubhouse is an invite-only social media platform. It has become the go-to place for tech giants and crypto experts to chat and share ideas. The Kings’ owner made his announcement in a program hosted by a club called the ‘Satoshi Roundtable’.
The founder of TIBCO Software has always been a supporter of new technology. He coined the term ‘NBA 3.0′ which envisions a technologically enriched NBA that connects better with its fan base and establishes a global presence. He is also a strong proponent of virtual currency.
According to the announcement, every member of the Kings organization will have the option to receive any amount of their salary in Bitcoin, the flagship of the cryptocurrency armada.
“I’m going to announce in the next few days that I’m going to offer everyone in the Kings organization, they can get paid as much of their salary in #bitcoin as they want, including the players.” – Chairman of Sacramento Kings said, as per the tweet
Not the Kings First Pass to Bitcoin
This announcement, available on Twitter ahead of the official announcement, is another milestone for Bitcoin. It was not a surprise though, considering the Sacramento Kings’ long affair with Bitcoin. In 2014, it became the first NBA franchise to accept Bitcoins for all their products, from hotdogs to jerseys and tickets.
They also introduced a rewards program for their loyal fans using crypto tokens. “The way I saw it, bitcoin had reached a tipping point where it had crossed from being a curiosity to becoming a legitimate form of doing commerce,” the Kings owner said, expounding on his decision to accept payments in virtual currency.
Beginning of Universal Crypto Acceptance?
The Sacramento Kings are the first major professional sports franchise to adopt Bitcoin at this scale. Cryptocurrencies have been making a case for global acceptance for some time now. Recent decisions by many tech giants, banks, payment services, etc. have helped its cause. Paypal and Visa have started offering Bitcoin-related services. In February this year, Tesla Chief Elon Musk announced his company will accept payments in Bitcoin.
The Dallas Mavericks adopted Dogecoin as a payment method just last month. NBA has made a splash in the NFT market too. NBA Top Shot, a blockchain-based website, has witnessed explosive growth in the last few months.
Bitcoin and crypto-supporters believe that the future of finance lies in virtual currencies. As we witness the gain in acceptance of cryptocurrencies, it is safe to say the future is now.
Photo by Edgar Chaparro on Unsplash
A Delhi based content writer, I did my bachelors in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
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