56
views

Australian Baseball Club Adopts Bitcoin Standard, Will Dump Dollars For BTC

While institutions start to slowly dabble fractions of their portfolios in crypto, an Australian baseball club is way ahead of the game. The Perth Heat – the most successful club in the league – is adopting Bitcoin as its primary monetary unit. That includes shifting its treasury from dollars to Bitcoin, and using it to pay staff.

Perth Heat Swallows The Orange Pill

The club revealed its plans for Bitcoin adoption in a statement to Bitcoin Magazine earlier today. Apparently, the Heat will be fully utilizing the lightning network to pay its players/staff, and even accept payments.

“In partnership with OpenNode, the Perth Heat is setting Bitcoin as the new standard for payments and payouts,” per the statement.

OpenNode is a Bitcoin payment-service provider allowing instant conversion from BTC into traditional currenciesMeanwhile, the lightning network is a layer-2 Bitcoin scaling solution allowing it to process near-unlimited transactions per second. This is what gives El Salvador the throughput to process Bitcoin payments across the country.

Like El Salvador, the team envisions Bitcoin as the future of money, and is adopting the technology in advance. Patrick O’Sullivan – labeled “Chief Bitcoin Officer” for the Heat – said this is not merely a transitory inflation hedge:

“This is not a one-off purchase to hedge against future uncertainties or inflationary pressures. The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain.”

O’Sullivan added that the team is operating by a “Bitcoin Standard”, and will be transitioning its balance sheet from dollars to Bitcoin. Echoing Bitcoiner rhetoric, he said that the team’s actions are “securing its digital property rights” and following “sound money principles.”

A Radical Move

Numerous wealthy individuals and businesses have been gathering small exposure to Bitcoin over the past year. Paul Tudor Jones – a billionaire hedge fund manager – has confirmed that he has single-digit exposure to the asset. Meanwhile, Shark Tank’s Kevin O’Leary has up to 10% of his portfolio in crypto.

However, most cannot claim to be making a financial commitment to Bitcoin like that of the Heat. Only Michael Saylor’s Microstrategy has made a comparable move, now owning over $7 billion in Bitcoin on its balance sheet.

Bitcoin live price
Btc
Bitcoin
$42.730
price
1.40982%
price change
BUY NOW

Lastly, other sports athletes and teams have shown remarkable interest in the cryptocurrency space. Coinbase is now an official sponsor of the NBA, while Crypto.com has sponsored the UFC.

Stay up to date with our latest articles