There is some BIG NEWS in the world of Sports when it comes to Cryptocurrency. 'Shark Tank' star and tech-billionaire, NBA-franchise owner Mark Cuban has recently revealed that the Dallas Mavericks will accept bitcoin and ethereum to purchase season tickets as soon as next season. Cuban also told 'Coindesk' that the Mavericks might accept other forms of cryptocurrency as payment as well.
The Mavericks will be the first professional sports franchise in the U.S. to accept cryptocurrency as a form of payment. It will be very interesting to see what other franchises follow suit. A marriage between big-time sports, which generates countless Billions in revenue each year in the United States alone, and cryptocurrency, should be much welcomed news. With Cuban on board, who obviously has a knack for success, it should help bolster cryptocurrencies' profile around the entire professional sports market. It may just be a matter of time before the rest of the NBA, NFL, MLB, NHL, and MLS follow suit.
The entertainment industry generated over $475 Billion in 2012 alone according to a report by PricewaterhouseCoopers according to billboard.com. With the worldwide entertainment industry set to generate trillions in the foreseeable future, this could be just the beginning of cryptocurrency's rise in that ever-expanding worldwide market.
If people can now use cryptocurrency to pay for some of their favorite hobbies, especially a passionate one, like professional sports, this is a huge step in the future of the platform. People pay a lot of money to indulge in their favorite hobbies, especially entertainment (think how much you paid for those concert tickets last fall) and the Mavericks just may be opening the door to a whole new cryptocurrency flood into the world of sports and entertainment.
images courtesy of:
https://marketmadhouse.com
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sources used in this article:
https://www.si.com/nba/2018/01/16/mark-cuban-mavericks-cryptocurrency-bitcoin-ethereum
https://www.billboard.com/biz/articles/news/global/1565728/study-global-entertainment-industry-poised-to-top-2-trillion-in
lets see how they deal with the volatility of the cryptocurrency.. and also I wonder what happens when someone has to pay $15 for BTC transaction fees when they want to buy a ticket of $100
That is very true. Very good point, it will be interesting to see how they react to both. Thanks for the comment!
Great post! Thank you for sharing..very exciting times ahead. UPVOTED AND RESTEEMED brotha
Awesome! You're welcome, happy to share! I agree completely - heading for exciting times. Thanks brotha Appreciate it!!
It's nice to see that someone like Mark Cuban is forward-thinking enough to accept Bitcoin for what it is and other cryptocurrencies
I agree 100% thanks for the comment!
Interesting development, wonder how he'll hedge the volatility risk of accepting the payments? Would think he'll need to work with one of the exchanges (OSTK worked with Shapeshift.io but that's bc they accepted a wide swatch of cryptos, not just 2) to quickly turn the crypto into cash.
Not a lot of people talk about it, but businesses accepting crypto is bearish for crypto prices. This is bc businesses MUST work in dollars, thus they need to convert crypto to dollars. So if your'e holding crypto, and buy Mavericks tix with it, you're effectively selling that crypto down in price, bc eventually that crypto which was once safetly in your account, is now sold for dollars to a buyer of crypto. Each buyer of crypto is demand, and seller is supply. So as supply of crypto outnumbers demand buyers, the crypto price goes down (or goes less up).
So if you want crypto gains you should actually hope for transactions with mainstream businesses to not happen, and for crypto to remain the realm of hoarders and "investors".
good timely report by you, thx.
Interesting analysis, I appreciate all of the good information.
Crypto is going mainstream!
Interesting news!
Thanks!
Right! You're welcome, happy to share!
I live in Texas so the possibility of this happening is really exciting!
That's Awesome! Hopefully you will be able to take advantage of it! :)