Bitcoin Salary Option: Does Sports Industry have a key to crypto mass adoption?

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Forbe's April 2021 report by Tommy Beer clearly captured Vivek Ranadivé's intention to offer bitcoin as a payment option to all players and coaches. Ranadivé is the owner of The Sacramento Kings, a lead National Basketball Association team based in San Francisco, United States of America. The announcement made on April 6, 2021, now four (4) months old is one of the most recent and serious example of the NBA’s rush to embrace cryptocurrency and digital assets. Going by the antecedents of the Club as it has to do with embracing cryptocurrency and digital assets, it is obvious that we are graduating up the ladder for mass adoption of crypto.

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In sports, we find the passion, the fanbase and the loyalty that can drive any innovation as long as it's projected ideal for the good of the system. More interesting is the fact that this year, six NBA owners have already formed a Blockchain Advisory Subcommittee to advise the league on how to best utilize crypto and other digital assets. There are legacies of "firsts" linked to Ranadivé and Sacramento. They have however being joined by other NBA clubs as follows:

  • Sacramento, in 2014, was the first major professional sports franchise to announce and accept bitcoin in exchange for team merchandise or tickets (source)
  • Dallas Mavericks, in 2019, also began accepting bitcoin as a payment method. (source)
  • Cuban, in March 2021 announced that the Mavs would become the first pro team to accept dogecoin. (source)
  • "Moments", a blockchain-based platform on which users buy and sell officially licensed NBA collectible highlights, which is barely 12 months old has generated over $500 million in sales since going live with more than $180 million of that total processed in March, 2021.(source)

The success stories above already recorded by NBA Clubs gives a clue on the possibility of Ranadivé's claims on utilizing Bitcoin as a payment option to all players and coaches for the Sacramento Kings. This as captured by CoinDesk

The Kings would be the first major professional sports franchise in the United States to offer payment in cryptocurrency ... Ranadivé said that all team staff, including the players, will be able to "get paid as much of their salary in bitcoin as they want."

Below is the video link:

https://www.coindesk.com/sacramento-kings-to-offer-bitcoin-salary-option-to-all-players?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiossports&stream=top&jwsource=cl

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There's a sudden shift from the normal. Sports is not jut passion as usual. Economic value is now attached and fans can draw some more tangible value via leisure. This is the new normal and we have to come to terms with the development. Inarguably, Bitcoin and other cryptocurrencies are like the email of the financial world and anyone who has ever embraced technological shift at any point in time must not shy aware from the reality that is starring us to the face.

The centralized governments are not very happy about it as control is going out their hands but there's nothing they can really do about it. THough some may be secretly taking advantage of the shift while keeping the gullible public in the dark as usual. Some key players in Sports as an industry have realised the potentials that can be unlocked within their sector if cryptocurrencies and blockchain technologies are well engaged. From monetised fan engagement to attracting more sponsors and edging a global market in ways that were unimaginable decades ago even in a pandemic stricken season as now. Blockchain technology catalyses sport teams, clubs and sporting organizations to innovate innovating to survive in this new digital age to be able to meet an array of expectations.

We will all agree that the outbreak of covid-19 has placed limitations upon the sports industry. Therefore the need to innovate and create reshuffle strategies that will ensure that the clubs stay in the business while giving fans the ever expected thrilling experience. Blockchain technology and cryptocurrencies have the answers to these. On the other hand, any crypto project that can take advantage of the passion that sports fans radiate, ending up to having each one of them as a citizen of digital asset economy; the growth in such a project would be proportional to the rate to which sports is consumed which will always be on the rise.

Do you really see with me that sports industry have a key to crypto mass adoption? Let's discuss...

Posted Using LeoFinance Beta



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wow.. this is a fantastic news for us all. i am sure if they can adopt bitcoin in sport, this will speak well for all other crypto currencies as well.


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Wow.... Nice one. Bitcoin has already serve as payment plan for sport in some teams that's team. Making it a general team plan would be nice and will help boast other tokens .

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