The Dallas Mavericks Say Yes to Cryptocurrencies

All the new investors that are stepping into the crypto markets are wondering why the sky is falling all around them when they expected to go straight to the moon. While everyone is bracing for a rough couple of days, others are still bullish. Mark Cuban, the controversial and outspoken owner of the Dallas Mavericks, business maven, and billionaire, has announced via Twitter, that the Dallas Mavericks will be accepting the digital currencies of Bitcoin and Ether by next season. By next season? Why would he announce that they will accept the currencies by next season when we’re seeing the flood of blood across the market? It seems that Mark Cuban is taking a long view on the market and may have different expectations.

The acceptance announcement

Within a short time frame, the Dallas Mavericks are expected to become an NBA franchise that will accept the emerging blockchain based cryptocurrencies, Ethereum and Bitcoin. The owner of the Dallas Mavericks, Mark Cuban, has noted that his team, will be one of the first in the professional basketball and sports setting to accept these virtual currencies.

Mark Cuban made this announcement via Twitter when a user named Batman Cash asked him when his organization would start accepting the currency.

Batman Cash@13ac0n_

Replying to @mcuban

Mark, when will I be able to purchase Mavs tickets with bitcoin?

Mark Cuban

@mcuban

Next season.

9:18 PM – Jan 15, 2018

This move implies several thoughts, the management over at the Dallas Mavericks feel that the cryptocurrencies are around and will be here to stay for a while. Then, they believe that there will be enough consumers who are participating in the cryptocurrency markets and will be holding cryptocurrencies, thus ensuring that they possibly will be using their virtual currencies to pay.

Acceptance by more businesses allow the cryptocurrencies to be used as a payment, (one of their primary use cases). Approval by large companies that enable people to purchase goods (like tickets) online, make it to where it could be a seamless experience in the buying process.

Cuban and Bitcoin Bubble Talk

Mark Cuban made the news last year when he talked about the bubble that may have been forming around the Bitcoin and cryptocurrency system in general.

He also compared Bitcoin to the concept of stocks, stating that both shared similar characteristics. In both, one may not have real ownership rights, both may not have inherent value or voting rights, yet people trade. Why do they trade? For the chance of profit and gains. He compared them to the selling and buying of baseball cards.

Mark Cuban and his prior investments in the space

Cuban has reportedly invested last year in a crypto fund called 1confirmation and Unikrn.

It seems that Mark Cuban will now be playing two roles in the cryptocurrency marketplace, he will be an investor in the space, through his fund and then he will be a merchant who accepts the virtual currencies.

Follow us on Social Media:
By | 2018-01-18T02:02:09+00:00 January 18th, 2018|News|0 Comments

Leave A Comment