Cryptocurrency has been a trending topic over the last few months. With the rise, it is now a hot topic in the world of professional sports, most notably the NBA.
Dallas Mavericks Owner Mark Cuban responded to a tweet stating fans will be able to purchase tickets to Mavericks home games with cryptocurrency. Cuban stated the acceptance of the payments will begin next season.
— Mark Cuban (@mcuban) January 16, 2018
The “Shark Tank” star’s view on cryptocurrency has changed multiple times over the course of 2017; in June, he tweeted (in now deleted tweets) that Bitcoin was “in a bubble” and that “crypto is like gold… except of course gold makes nice jewelry, crypto not so much.” By October, Cuban invested in cryptocurrency and called it “the future.”
According to Bloomberg.com, Cuban clarified his business decision in an email statement:
“Some people want to buy products in crypto to prove a point. We are happy to make it easy for them,” Cuban wrote in the email. “And for existing Mavs fans who prefer to spend crypto currency we are happy to make it easy for them.”
The Mavericks aren’t the first NBA team to begin accepting cryptocurrency as a form payment for tickets. The Sacramento Kings are the first professional sports franchise to accept digital currency, allowing fans to purchase gear in the team store and pay for game tickets since 2014.
According to ESPN.com, Kings majority owner Vivek Ranadive believed that the acceptance of Bitcoin allows fans to enjoy a ticketless and cashless environment at the arena.
“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,” Ranadive told ESPN.com. “This is an example of that.”
Although the cryptocurrency market is going through a rough period with losses, having billionaire investors such as Cuban talk about the potential of Bitcoin and other types of cryptocurrency is a sign of promising growth.
With the Mavericks and the Kings at the forefront of cryptocurrency in professional sports, expect others to join moving forward.
The most expensive tickets for a Mavericks game goes for $10,200 against the Golden State Warriors on Feb. 8 on Stubhub.com (as of Jan. 17). In comparison, the value of one Bitcoin equals $10,809.06 (as of Jan. 17).
Follow Arthur Puu on Twitter: @arthurpuu
Photos Courtesy of Getty Images // Spark Sports Illustration