The Dallas Mavericks have become the latest sports team to allow bitcoin payments for both season tickets and related merchandise.
The Mavericks Are Paving the Way for BTC
As of late, cryptocurrency has been growing in terms of how it’s being used. Originally, all cryptocurrencies were designed to replace fiat money and plastic credit cards, but their volatility ultimately got in the way. Price swings have inherently caused retailers and merchandise providers to reject bitcoin and its altcoin cousins as means of payment, and we can see why.
If a person buys $50 worth of merchandise with BTC, for example, but tomorrow the price of the currency goes down, they’ll still walk away with the items they purchased. The company they bought from, however, loses out. It’s not entirely fair for the receiving party, which is why we haven’t seen that many companies welcome BTC and other cryptocurrencies with open arms.
Now and then, we see a company like Overstock.com do so. Overstock was the first company to begin accepting bitcoin payments for goods and services in 2014. Since then, platforms like Flexa have emerged to pave the way for other companies to follow in the retailer’s footsteps. Flexa currently works with companies like Nordstrom, Jamba Juice and Whole Foods to make it easier for them to accept crypto payments.
The Mavericks are not the first NBA team to accept crypto. This honor falls on the Sacramento Kings, which began accepting BTC payments in 2014, but it’s good to see the trend continue. The team has entered into a partnership with Bit Pay to process transactions for all customers looking to make purchases with crypto.
Bit Pay CEO Stephen Pair explains in a statement:
The Dallas Mavericks have been an outspoken advocate for bitcoin, opening up opportunities for the team as it starts to accept bitcoin for ticket sales and merchandise.
Interestingly, the Dallas Mavericks are owned by billionaire investor Mark Cuban, who in the past, hasn’t been particularly fond of cryptocurrencies. In an interview, Cuban states:
We want our fans who would like to pay with Bitcoin to have the opportunity to do so. Bit Pay allows our global fans to seamlessly make purchases with the Mavs.
We Don’t Like Crypto… But We’ll Accept It
While Cuban has never been openly against bitcoin, he has expressed great disdain for cryptocurrencies like Libra in the past. He’s commented:
I’m not a big fan of what they’re doing there. I think it’s a big mistake… Globally and in countries where there isn’t a lot of rule of law, or a lot of government stability or currency stability, then it could be dangerous.
Cuban likely realizes that while he may not like crypto, there are a lot of people who do, and opening the door for them is only a path towards further revenue.