RATE Group | Fans Quit Spending Bitcoin When the Price Hiked
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Fans Quit Spending Bitcoin When the Price Hiked

21 Nov Fans Quit Spending Bitcoin When the Price Hiked

Posted at 13:09h in Bitcoin News by

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The Sacramento Kings — who spearheaded Bitcoin (BTC) payments for fan merchandise back in 2014 — have revealed some of the quirks in their history of cryptocurrency engagement.

According to a Nov. 21 report from Front Office Sports, the NBA team’s chief technology officer, Ryan Montoya, remarked:

“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. Then the Bitcoin price went up to $1,200 and they quit spending the Bitcoin.”

Beyond merchandise

When the Kings first launched Bitcoin payments support, the coin was valued at $800 — ten times less than the current price.

Montoya remains positive, however. While Bitcoin’s eye-popping appreciation may make merchandise purchases with the coin less appealing, the Kings’ involvement in the cryptocurrency and blockchain sector remains extensive. 

The team mines Bitcoin in its data center…

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