Institutional and corporate entities are buying bitcoins and finding other ways to adopt the cryptocurrency. However, unlike the retail investors, most institutional investors buy bitcoins or accept the cryptocurrency as a form of payment and hold on to it rather than convert it to fiat currency.
The Oakland Athletics now accepts BTC for suite rentals
The Oakland Athletics baseball team announced that it has started accepting bitcoins as payment for its full-season luxury viewing suites. The sporting institution charges $64,800 per luxury suite but told its fans that until April 1, the suites would be available for the price of one BTC (currently trading around $58,000).
Dave Kaval, president of the team, told Bloomberg yesterday that they are excited about this latest development. He stated that “We heard from our fans that they’re interested in paying in crypto. So we said, ‘Hey, let’s take one of our products — our suites, put it on sale for one Bitcoin, and see if we get any takers.’”
Kaval added that they already have over 100 inquiries regarding how it works and how they intend to follow the Covid-19 safety protocols. Although no one has offered to pay in bitcoins yet, the team has reserved ten luxury suites for BTC enthusiasts. “We have till next Thursday to get people on board. I’m hopeful we get two or three,” Kaval added.
Institutions are holding BTC
When asked if the team plans to hold on to the bitcoins or convert it to fiat currency, Kaval said they would hold it as BTC. He added that the team is a believer in Bitcoin and is confident the price will go higher over the coming months and years.
This is the theme of corporate entities that are accepting BTC. Tesla announced that users could pay for its electric cars using bitcoins. The electric car company intends to hold the BTC rather than convert it to fiat currency.