First in Professional Sports, the Sacramento Kings Now Accept Bitcoin

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First in Professional Sports, the Sacramento Kings Now Accept Bitcoin
First in Professional Sports, the Sacramento Kings Now Accept Bitcoin

First in Professional Sports, the Sacramento Kings Now Accept Bitcoin

Professional sporting clubs were the ones that were not into Bitcoin; however, that drought is over now as the Sacramento Kings are set to become the first major professional sports franchise to accept Bitcoin. Thus, after restaurants, taxi services providers, bars, law firms, political parties, etc. the Bitcoin is receiving new customers who are appreciating it.

Now, the professional sports club will accept Bitcoin, a virtual currency, for ticket and merchandise purchases. Thus, it is giving a lot of opportunities for its fans and customers to use Bitcoin. It has opened new gates for all those who though had Bitcoin could not use it to buy tickets or merchandise from their favorite club.

The statement regarding the acceptance of Bitcoin came earlier on Thursday when the Kings said that fans will be able to buy gear from the official team store and pay for tickets with the digital money beginning March 1. Thus, the decision will be effective from the month of March and customers and fans will have to wait for more than one month now.

However, it is good news for thousands of its fans who wish to purchase tickets and merchandise from Sacramento Kings. The payment will be processed through BitPay, which accepts the digital dollars and pays the Kings in cash. Nevertheless, Bitcoin wherein users buy digital money and load it onto a virtual wallet provided by third parties, currently use it for buying various services; however, it will be the first of its kind.

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Silicon Valley Based Indian Origin Owner of the Team

In his statement Sacramento Kings owner Vivek Ranadive said that the new payment method is part of his model for “NBA 3.0, which focuses on investments in technology, globalization and deep community partnerships. Thus, the professional sporting club which is based in Sacramento, California, United States is quite futuristic.

The new decision seems to have been explored by the new owner who took the team on May 16, 2013, from the Maloof family. The owner Vivek Ranadive is a Silicon Valley tech entrepreneur who bought the NBA franchise for $535 million last year. Now that it is clear that where the new owner comes from, the Indian origin owner of the sporting team is definitely going to set new standards.

Sacramento Kings are members of the Pacific Division of the Western Conference in the National Basketball Association (NBA) and have been the only team in the Major professional North American sports leagues located in Sacramento.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com