NBA team becomes first club to accept Bitcoin payment

16 Jan 2014

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As more and more businesses begin to accept the volatile cryptocurrency, the NFL’s Sacramento Kings become the first professional sports club to accept Bitcoin as payment.

From the 1 March, fans of the basketball team will be able to transfer their Bitcoin funds towards buying tickets for games as well as making purchases in their gift shop.

The move was initiated by the team’s majority owner, Vivek Ranadive, in a strategy which he hopes will put the team at the forefront of a fledgling opportunity.

 Speaking to ESPN.com, the owner said about the decision: “When I sold the NBA on keeping the team in Sacramento, my pitch included using the sports franchise as a social network to push the technology envelope.This is an example of that."

 He went on to add: "My kids would go to games and ask why we didn’t accept Bitcoin.”

The team have also begun to look at other developments in future tech trends including smartglasses like Google Glass in what could change the way spectator sport is watched forever.

Last week, Overstock.com became the first major online retailer to accept Bitcoin as payment and many smaller companies have already started trading in the currency but many companies and organisations have yet to be convinced whether there is potential for long-term stability and acceptance by governments.  

Colm Gorey is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com