Thursday December 7, 2023

Sacramento Kings Have Big Plans for Bitcoin

  • The Kings have big plans to incorporate cryptocurrency in operations.
  • The organization has offered to pay everyone, including players, in Bitcoin.
Jerome Miron-USA TODAY Sports/Design: Alex Brooks
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The Sacramento Kings want to further incorporate Bitcoin into their business practices, and they could be trendsetters in how they use it.

In 2014, the Kings became the first pro sports team to accept Bitcoin as payment at their arena. Now, the organization is making plans to provide salaries in the cryptocurrency. 

“I’m going to offer everyone in the Kings organization, they can get paid as much of their salary in Bitcoin as much as they want, including the players,” Vivek Ranadivé — the chairman, CEO, and governor of the Kings — said on Clubhouse, according to a tweet from Bitcoin personality Neil Jacobs.

However, NBA teams are currently prohibited from paying players in Bitcoin, or any method other than cash via live check or direct deposit, per the collective bargaining agreement between players and the league.

NFL offensive lineman Russell Okung recently became the first player from any major U.S. sports league to be “paid” in digital currency. Last season, half of his $13 million Carolina Panthers salary was converted to Bitcoin through Bitcoin payments startup Zap. 

As cryptocurrency continues to become a viable payment option, more teams and leagues are buying in. 

The Oakland Athletics sold a full-season suite for one Bitcoin — or around $60,000 — this year. The Dallas Mavericks have started to accept Dogecoin as payment for tickets and merchandise.

“Sometimes in business, you have to do things that are fun, engaging, and hopefully generate a lot of PR,” Mavericks owner Mark Cuban said about the decision.

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