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Banking, finance, and taxes

Bitcoin Moves to Pro Sports — Sacrament Kings in the NBA

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By Jon C. Ogg Published
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The moves to adopt and destroy Bitcoin are a work in progress on both sides of the equation. It seems that each time a very negative story development comes out, then a new adoption mechanism saves Bitcoin from the trash heap. Now we have a news release that the NBA’s Sacramento Kings will be the first major professional sports franchise to accept bitcoins.

The press release shows that the Bitcoin purchases will be processed through BitPay. Worth noting is that the Kings have a very new owner, Vivek Ranadivé. He is said to be directing a business philosophy coined “NBA 3.0” with a focus on technology, globalization and deep community partnerships. What is interesting here is not just the Ranadivé is an Indian businessman, but that he founded TIBCO Software.

The Kings have begun to accept bitcoins in the Kings Team Store. The store will allow fans to pay online with bitcoins for team merchandise and tickets by March 1.

If one NBA team is doing it, others are likely to follow. If the NBA is going to accept it, why not the NFL, MLB and other professional sports leagues?

Bitcoin was trading between $920 and $930 on Thursday.

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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