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January 20, 2014, 08:54:46 PM |
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The Sacramento Kings have become the first professional sports team to accept Bitcoin. Fans will be able to buy tickets and merchandise from the NBA basketball team using Bitcoin thanks to a partnership with BitPay.
The Kings chose to accept Bitcoin as part of a broader initiative referred to as NBA 3.0 that focuses on technology, globalization and community partnerships. No better currency could be used for accepting the King’s portion of the $68 Billion per year professional sports market. Bitcoin fits in surprisingly well into the NBA 3.0 model as it enables worldwide payments, has an incredibly strong online community and utilizes a superior payment technology.
Does this signal a turn around for the struggling King’s franchise? At first glance it certainly seems so. By taking such a bold step the Kings have positioned themselves on a global stage. Bitcoin will now allow the Kings to market their team and merchandise to a worldwide customer base.
The story of the Kings has been a dramatic one as they fought to stay with their loyal fan base in Sacramento amid a torrent of takeover rumors. It is only fitting that the Kings turned to a Bitcoin, a currency for the people, by the people to help achieve their goals. In the process they are not only transforming themselves but the entire business of professional sports.
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