The NBA’s Sacramento Kings will become the first-ever sports franchise to accept Bitcoin, the team announced Thursday.
Starting at the beginning of March, Kings fans will be able to purchase official merchandise at the team store and even tickets using the Bitcoin virtual currency, ESPN’s Darren Rovell reports.
What remains to be seen is whether this is a leap forward for Bitcoin, being accepted by one of the top four sports leagues in the United States, or a marketing stunt to attract attention. According to the Kings owner, it’s the real deal.
“When I sold the NBA on keeping the team in Sacramento, my pitch included using the sports franchise as a social network to push the technology envelope,” Kings majority owner Vivek Ranadive told ESPN.com . “This is an example of that.”
“My kids would go to games and ask why we didn’t accept Bitcoin,” said the head of the Sacramento franchise.
Acceptance of Bitcoin would allow fans/users to leave their wallets at home. The appeal to the Kings is clear, as Bitcoin processor Bitpay, which the Kings will be using, charges a flat transaction fee instead of a percentage of the transaction, like credit cards.
But with the volatile nature of Bitcoin and other cryptocurrency, it’s unclear how this could remain a long-term payment option. A year ago today, 1 Bitcoin was worth $14.73 US, according to the charts at coinbase.com . During the past 12 months, Bitcoin has risen to almost $1,135 per unit on November 30, 2013, and fallen $400 just a week later.
Coinbase had the Bitcoin buying price at $829 and change when that chart was first retrieved. Within minutes, Bitcoin dropped to the low $827 range and back up to around $828.
Of course, the Sacramento Kings aren’t the only ones cashing in on the Bitcoin phenomenon; the adult industry and online retailers have also jumped on the Bitcoin bandwagon.
The Guardian reports that 25 percent of subscribers to Porn.com pay using Bitcoin after they started accepting it in December, likely attracted by the anonymous nature of Bitcoin transactions. One week ago, Overstock.com announced that it is now accepting Bitcoin , the first online retailer to do so. Overstock will process their payments through Coinbase.
What do you think of the Sacramento Kings owner’s decision to accept Bitcoin? Are you a Bitcoin trader or speculator?
