The Sacramento Kings — yes, the team that nearly moved to Seattle last year — announced today that it will allow fans to purchase tickets and merchandise with Bitcoin, becoming the first professional sports franchise to do so. Customers can use Bitcoin in the team’s retail store right now, and online Bitcoin purchases can be made beginning March 1.
Kings majority owner Vivek Ranadive, who purchased the team in 2013 and effectively saved them from relocation, said that the Bitcoin addition is part of his goal to help the NBA focus more on new technology. He also told ESPN.com that his children wondered why the franchise didn’t accept Bitcoin — must be some tech-savvy kids he’s got.
The Kings will accept Bitcoin transactions with BitPay, one of the bigger and more well-known Bitcoin merchant processors.
The growth of the digital currency in the past few months has been interesting to watch. It was at $200 in late October and its value hit $500 for the first time on Nov. 17. Then, it shot past $1000 in late November, before quickly dropping to $650.
Currently, Bitcoin is at about $925.