ALL BALL NERVE CENTER — Back in May, the Sacramento Kings were officially sold to an ownership group headed by tech-focused businessman Vivek Randivé. Since taking over, Randivé has been focused on making the Kings one of the most tecnologically-advanced teams in the NBA. How advanced? Well, for example …
Now, I’m assuming Randivé’s group used cash to buy the Kings, but then maybe not? These days there’s a virtual currency called a Bitcoin that people can use in place of money. Or maybe it is really money? I am a relatively young person with a broad understanding of technology, and even to me this Bitcoin stuff is confusing. Either way, the Sacramento Kings are now accepting Bitcoins, making them the first team in pro sports to do so.
From the Sacramento Bee…
By March 1, fans will be able to purchase team merchandise and tickets using Bitcoins through BitPay, “the world’s largest payment processor for virtual currencies,” the team said in a news release.
The Bitcoin system was developed in 2008 and is now accepted at some major online retailers, including Overstock.com. The currency can be purchased through online exchanges. A Bitcoin was worth $13 at the beginning of 2013; that value had jumped to $942 as of Wednesday afternoon.
Bitcoins can also be “mined” through a complex mathematical puzzle, but that arrangement is normally reserved for only the most advanced users.
Kings managing partner Vivek Ranadive, who founded the Silicon Valley tech firm Tibco Software Inc., has said he wants the team to be among the most technologically-advanced franchises in the world. He calls his philosophy “NBA 3.0.”
“We are maniacally focused on creating the most seamless experience for our fans in all facets,” Ranadive said in a statement provided by the Kings. “A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is another step in that process.”