MLB Franchise, Oakland A’s is Offering Full Season Suites for 1 Bitcoin
- Major League Baseball (MLB) team Oakland Athletics announces they accept Bitcoin payments for their six-person suites.
- According to the President of the MLB franchise, Dave Kaval, each full-season suite will cost 1 full bitcoin, instead of the normal $64,800, providing a limited discount for Bitcoin buyers till April, stating he is not concerned about the price fluctuations.
During the weekend, the price of Bitcoin hit an all-time high price of $60,000, as the demand for the cryptocurrency reached a fever point. One MLB franchise, Oakland A’s, looks to cash in on the opportunity by offering users Bitcoin-payment options for its full-season six-person suites.
In a tweet by the President, Dave Kaval, Oakland A’s will charge either $64,800 for each suite for the full season or pay 1 Bitcoin (approx. $57,700) an offer that stands until April 1.
BREAKING NEWS: Due to near record #Bitcoin Price of $59,656, Oakland A’s now selling suites for full season for 1 Bitcoin! @athletics @mlb Exchange your #Bitcoin for a Coliseum suite now! https://t.co/3nJHajkOHD
— Dave Kaval (@DaveKaval) March 14, 2021
What if, during the purchasing period, the price of BTC falls drastically? According to Kaval, fans will be treated to a huge discount if this happens to be able to pay less than $60,000 per suite for the 2021 season. Kaval said the volatility is “part of the romance of the whole situation [with Bitcoin payments],” adding that the company is looking for innovations.
“We’ve always been an organization that wants to innovate, and that’s not to say this is an offer that will still be around in 10 years, but if you don’t try to innovate, it’s never going to happen.”
Oakland A’s becomes the first MLB franchise to accept Bitcoin for tickets. Kaval has been a revolutionary in integrating crypto to sports having been a part of the San Jose Earthquakes, a Major League Soccer (MLS) team, which added crypto in 2014 when he was still an executive. This, alongside demand from Oakland A’s fans, caused the latest turn to crypto payments, Kaval confirmed. He said,
“So, on some level, this is a response to customer demand and when we saw enough of those data points, and when we also saw that the Bitcoin price was approaching our suite price, it was a perfect storm.”
Despite several companies adding Bitcoin as a payment option, very few people choose to pay in Bitcoin given the rising prices and store of value qualities it offers. However, Kaval expects the cryptocurrency to transition from an SoV to a medium of exchange as the price continues to rise. Speaking to Decrypt, he said,
“I think, especially if their Bitcoin has appreciated in value a lot, people will [use it for payments].”
“Right now, it’s being used more as a store of value, but I think its use as a transaction medium will increase over time, and we’re hopeful our product offering will help with that.”
The MLB is the latest Major League to accept crypto payments as sports franchises open up accepting cryptocurrencies. NBA team, Dallas Mavericks, owned by Mark Cuban, announced the addition of Dogecoin (DOGE) for payments – after becoming the first NBA team to add BTC payment options and use blockchains for ticketing.
Kaval believes the widespread adoption of crypto across the Major Leagues shows crypto is here to stay given the “value it provides customers.”
“I think you just need it to be adopted in more places, and MLB, the oldest and most tradition-bound of the professional sports, doing it in our industry is a bellwether moment for people to realize it is in the mainstream, it does provide value to customers.”