Oakland Athletics Accepting Bitcoin for Luxury Suites

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In Brief
  • The Oakland Athletics MLB team now accepting 1 BTC for luxury suites.

  • Offer is valid until April 1, 2021.

  • Alongside NFTs, cryptocurrencies have begun to be adopted by multiple sports franchises.

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The Oakland Athletics Major League Baseball (MLB) team is now accepting payments of BTC for home-game luxury suites.

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The Oakland Athletics (A’s) is selling six-person suites for its 2021 home games at the cost of 1 BTC. This follows a growing trend of bitcoin and cryptocurrency adoption in sports.

The luxury seating suites can fit up to six people and include a variety of amenities. The offer is available until April 1, 2021, and interested buyers must contact the association directly. Oakland Athletics President Dave Kaval said in a statement,

“We invite our fans to become the first bitcoin suite holders in sports. We’re excited to be one of a handful of teams to accept cryptocurrency for payment and the first to price tickets in crypto instead of U.S. currency. The price of a season suite may fluctuate depending on when it’s purchased, which adds to the excitement!”

Other sports teams, especially in America, are have been rushing to integrate Bitcoin and cryptocurrencies. Mark Cuban’s Dallas Mavericks also accept bitcoin for tickets and merchandise as well as offering other blockchain-based collectibles. These entities stand to gain a lot from holding bitcoin, given its meteoric rise in the past few months.

Bitcoin Hits a New High

At the time of publishing, bitcoin is trading near $58,500. It first breached the $61,000 level for the first time over the weekend before retracing slightly. The bull market steam has held strong. Bitcoin has more than doubled in price since the beginning of 2021.

The arrival of institutional investments and purchases from MicroStrategy and Tesla have given Bitcoin a lot of momentum. Using previous price history, some are speculating that Bitcoin could go as high as $400,000 after the next halving.

Analysts have offered a range of predictions concerning Bitcoin’s price. JP Morgan Chase recently claimed that BTC could reach $146,000 before settling to a lower figure. Citibank analysts, meanwhile, have provided an even high valuation by 2023 — saying that Bitcoin could reach $300,000.

While it\s simply not possible to give an accurate prediction for the future, the general consensus is that there is still a lot more room to grow. With governments across the world warming up to cryptocurrencies, Bitcoin could be on the cusp of mainstream adoption that would take it to those lofty valuations.

Sports Brands Keen on NFTs

NFTs are another major development seeing great adoption among sports teams. The most high-profile of these is the NBA’s decision to have video highlight “moments” integrated with NFTs. Users can pay for these and have exclusive rights to the highlight.

Venture capitalist David Pakman, who is behind the NBA Top Shots program, believes that “every major entertainment company” will consider NFTs. He mentioned popular global IPs like Star Wars and Harry Potter in his enthusiastic argument for NFTs.

Some blockchain projects are completely dedicated to the sports domain — most notably Chiliz. The project has partnered up with the likes of Barcelona, AC Milan, and Juventus to sell tickets and merchandise to ardent fans. The team-based tokens offer fans several benefits, including exclusive offers.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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