The Kings are the first major professional sports franchise to accept the digital currency and their technology-conscious owner hopes they won’t be the last.
"The way I saw it, bitcoin had reached a tipping point where it had crossed from being a curiosity to a becoming a legitimate form of doing commerce," said owner Vivek Ranadivé.
Mr. Ranadivé is the founder and chief executive of Tibco Software.
Thanks to Ranadivé, who purchased the franchise for $534 million in order to keep it in Sacramento, the Kings are now regarded as a forward-thinking organization. According to Ranadivé, the team’s location near Silicon Valley and the “tech mind-set" have the bitcoin initiative poised for success.
Atlanta-based company BitPay will process all of the Kings’ bitcoin transactions.
“It’s a big deal for BitPay, and it’s a huge deal for the Bitcoin community,” said BitPay vice president Stephanie Wargo. “I’m sure there’s lots of Kings fans with bitcoins.”
One fan agrees.
“Best news ever,” said Justin Dambacher, a local business owner and bitcoin user.
[Wall Street Journal]