The Sacramento Kings, one of the teams that is part of the National Basketball Association (NBA), have confirmed that customers stopped spending Bitcoin when the cryptocurrency's price took off.
According to a report by Front Office Sports on November 21, the professional basketball team’s Chief Technology Officer Ryan Montoya said there was a surge in initial excitement when the organization first began accepting BTC:
People from all over the world were buying Kings jerseys, tickets, different Kings gear. They were super excited that this team was accepting Bitcoin [...] We even put a Bitcoin ATM in the arena.
However, Montoya says there was a significant drop-off in customers spending BTC once the cryptoasset became more valuable:
Then the Bitcoin price went up to $1,200 and they quit spending the Bitcoin.
While more sporting organizations, including the LA Dodgers, have begun to support cryptoassets, the Sacramento Kings were one of the first to allow Bitcoin payments for fan merchandise beginning in 2014. At the time, Bitcoin was valued at $800.
Montoya said some season ticket holders continue to pay in BTC, and then went to explain what the team does with the crypto it mines in its data center:
We utilize that to engage the community and teach the youth about STEM education and the importance of blockchain. Students of Sacramento should not be exposed to it 10 years from now, they should understand now that it’s a cool piece of technology and powering these things in the arena.
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