Amidst the increasing awareness and adoption of Bitcoin, various organizations have added cryptocurrency as part of their balance sheet. Besides purchasing Bitcoin as a store of value, some other companies add it as payment options, no different from the sports industry. Moreover, the nine-time world series champion in basketball, Oakland Athletics, has rolled out Bitcoin support as a payment option for its Coliseum suites. The Oakland Athletics (A’s) sells six-person suites for its 2021 home games at the cost of 1 BTC. This follows an increasing trend of Bitcoin and cryptocurrency adoption in sports.
The luxury accommodation suites can fit up to six people and involve a diversity of amenities. The suites concede six people, matching state health guidelines and including snacks and access to a private restroom. General stadium seating is restricted to fans in pods of two or four, as per California’s rules amidst the COVID-19 outbreak. The offer is open until April 1, 2021, and attracted buyers must contact the association shortly. Oakland Athletics President, Dave Kaval, conceded that it would be the first to accept cryptocurrency as a payment option for game suites in the whole of the U.S. The development is occurring between the recent increase in the price of Bitcoin to over $60,000.
Growing Adoption of Cryptocurrencies in the Sports Industry
Furthermore, other sports teams, particularly in America, have been rushing to combine Bitcoin and cryptocurrencies. Mark Cuban’s Dallas Mavericks also receive Bitcoin for tickets, merchandise and provide other blockchain-based collectibles. These entities compete to earn a lot from holding Bitcoin, provided its meteoric rise in the past few months. The influx of institutional investments and purchases from MicroStrategy and Tesla have yielded Bitcoin a lot of momentum.
Moreover, various analysts have provided lots of predictions regarding Bitcoin’s price. Recently, JP Morgan Chase alleged that bitcoin could reach $146,000 before falling to a lower figure. Citibank analysts, meantime, have presented an even high valuation by 2023, stating that Bitcoin could hit $300,000. However, it is simply not reasonable to render an exact prediction for the future. With governments worldwide warming up to cryptocurrencies, Bitcoin could witness mainstream adoption.
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