The Sacramento Kings will become the first major sports franchise in the US to accept Bitcoin.
The Kings, one of the 30 teams in the National Basketball League, made the announcement on Thursday and will begin accepting Bitcoin through BitPay starting March.* Fans will be able to purchase anything from merchandise to game tickets utilizing what the Kings’ owner is referring to as his ‘NBA 3.0’ business model.
“NBA 3.0… focuses on investments in technology, globalization and deep community partnerships,” said team owner Vivek Ranadive.* “The way I saw it, Bitcoin had reached a tipping point where it had crossed from being a curiosity to a becoming a legitimate form of doing commerce.”
Bitcoin, unlike government-issued money, fluctuates in value wildly and are subject to regulations like conventional currencies.* At its peak, the value of one Bitcoin reached nearly $1,165, but has since dropped to $850.
The team’s approval of Bitcoin is a symbolic one and some are heralding the move as a monumental one for the digital currency.* If more major businesses add their names to the list of supporters of Bitcoin, ‘miners’ can justify the resources they spend to grow their virtual wallet.
Source: AP
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