NBA Bitcoin Participant Wage: Sacramento Kings Announce Main Cryptocurrency Plan

Vivek Ranadive, the chairman, CEO and governor of the Sacramento Kings, announced at the clubhouse that they would be offering their players, staff and team salary options in bitcoin currency.

If it catches on, the Kings will be the first major sports franchise to offer a Bitcoin currency option to its members.

NBA Bitcoin salaries for kings

According to ForbesThe Bitcoin salary announcement for the Kings came during a clubhouse room called the Satoshi Roundtable with Tim Draper, a well-known venture capitalist in the bitcoin industry. Draper then reached out to Kings CEO to join the call and chat with him. The room was moderated by Bruce Fenton, a Bitcoin lawyer and investor.

During the clubhouse talk, Ranadive stated that he will be offering the Kings franchise bitcoin salaries and “they can get as much as they want, including the players.” According to Ranadive, the Bitcoin salary offering bolsters the NBA team’s longstanding claim to be the first professional league to have a Bitcoin salary option.

When the chat in the clubhouse ended, Neil Jacobs – a well-known regular moderator of Cafe Bitcoin – brought the news on his Twitter page and was soon reported by CoinDesk.

BREAKING: Chairman of the Sacramento Kings:

“I will announce in the next few days that I will offer all members of the Kings organization that they can receive as much of their salary in #bitcoin as they want, including the players.” – @ vivek @ SacramentoKings

– Neil Jacobs (@NeilJacobs) April 5, 2021

The NBA franchise will most likely send Bitcoin payments to its staff, team and players using BitPay as the Kings have been partnering since 2014. However, this has not yet been confirmed. At the time, Ranadive stated on ESPN that when he was selling the NBA to keep the team in Sacramento, his pitch included using the sports outlet as a social network to push the boundaries of technology.

Also read: Bitcoin mining on Game Boy: YouTuber makes it possible – requirements and how to do it

More organizations and franchises that use Bitcoin as a means of payment

With this in mind, more and more organizations and companies are leaning towards Bitcoin payments and salaries. Elon Musk’s announcement earlier this year that Tesla would accept bitcoin payments appears to be the catalyst for the use of virtual currency payment methods in the US. The most popular companies that receive BitCoin are Wikipedia, Microsoft, and AT&T with transactions through BitPay.

Sports organizations like the Miami Dolphins and the Dallas Mavericks are also leaning towards the Bitcoin payment method. The dolphins use Bitcoin as a means of payment when buying home game tickets and benefit from the team’s 50/50 raffle. Half of the proceeds will be donated to the Miami Dolphins Foundation and its charities. On the other hand, the Dallas Mavericks also accept Bitcoin payments when buying playing cards and goods with BitPay.

In Venezuela, popular food franchises like Burger King and Pizza Hut also accept Bitcoin as a method of payment. Burger King branches in the country announced their partnership with Cryptobuyer, which accepts other cryptocurrencies as a means of payment such as Bitcoin, Dash, Litecoin, Ethereum and Tether. Pizza Hut, on the other hand, accepts all orders that can be paid for with cryptocurrency.

A Burger King branch in Germany also accepts Bitcoin as a means of payment by ordering delivery online via the delivery service delivery service that works in all restaurants in the country 99 bitcoins.

Related article: Tesla Cars for Sale: How to Buy with Bitcoin

Comments are closed.