Bitcoin has gained massive adoption from retail and institutional investors over the past year. An increasing number of people now accept it as a form of payment while others regard it as a high-end asset. Some athletes are now paid in Bitcoin. However, Sacramento Kings is going a step further and offering Bitcoin salary options to all its players.
Sacramento Kings set a precedent by offering Bitcoin as a salary option
The Sacramento Kings owner Vivek Ranadivé announced yesterday that the NBA franchise would offer all its players the option to receive their salaries using Bitcoin. This latest development makes the Sacramento Kings the first sporting body to offer such an option to its players.
In a tweet yesterday, Ranadivé stated that “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.”
The Chairman first announced this in a Clubhouse meeting hosted by Tim Draper. The move is expected to strengthen the Kings’ longstanding claim of being one of the most cryptocurrency-friendly teams in professional sports.
The team has been involved in propagating cryptocurrencies for the past few years. In 2014, the Kings’ began selling everything from tickets to hot dogs for BTC, and it also launched rewards tokens for fans in 2019.
At the moment, it is unclear how the sports franchise intends to facilitate bitcoin payments to players and staff. However, it has a longstanding partnership with Bitpay and could use the payment processing company to facilitate the transactions.
Sports teams are welcoming the crypto space
Cryptocurrency companies are slowly infiltrating the sporting sector. Last month, crypto exchange FTX secured a 19-year partnership to name Miami NBA Stadium, home of the Miami Heats. Crypto companies are also sponsoring various sporting teams in the NBA, soccer, and a wide range of other sports.