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The Dallas Mavericks, 2nd NBA Team To Accept Crypto

In a recent press interview Mark Cuban shocked the crowd when he announced that the Dallas Mavericks will start accepting cryptocurrency for online ticket sales and online merchandise purchases for the 2018 NBA season. Cuban stated that the team will start by accepting the popular Bitcoin, Ethereum, and CyberMiles digital currency.

This makes the Mavericks only the second professional basketball team from the United States to accept cryptocurrency and the first NBA team to accept altcoins. The Sacramento Kings started accepting Bitcoin back in 2014 making them the first NBA team to accept crypto. The National Basketball Association (NBA) has yet to make a statement about this issue but many experts think some form of acknowledgement will come soon.

Cuban first started investing in Bitcoin in 2017 shortly after he stated that he believed it was in a bubble. He later said that he didn’t know when or how much of a correction it will face. His twitter page has been littered with crypto messages over the past few months and though most of them have been deleted you can still find tags like #Cryptoisgold on his personal twitter page.

The announcement came during a scheduled press conference when the Dallas owner announced that 5Miles will be the teams sponsor next season. Part of the deal includes a 5Miles jersey patch on the front of the NBA team’s jersey. Cuban stated during the press conference that this is probably one of the only deals where the first exchange was a piece of white paper on cryptocurrencies. Mavericks forward Harrison Barnes will be the brand ambassador for the upcoming NBA season. The Mavericks and 5Miles will also collaborate on different community initiatives during the year.

Cuban also stated that one thing that he wants to take the lead on is combining the blockchain to the marketplace. Cuban, like many others, believes that the blockchain is more secure and a safer way to make online transactions. He said that the deal with 5Miles had a lot to do with the team pushing for crypto options in the upcoming season and that he’s always tried to be two steps ahead of his competitors.

Until recently cryptocurrency has mainly been used for online purchases, online casinos and online sports betting services. For US friendly online gambling sites the digital currency has one of the fastest turnover speeds online. Withdrawals, deposits and transfers can be sent in real time without the need to wait for financial institutions. The Dallas announcement is exciting news for many crypto investors. Over the past few years investors have seen the decentralized alternate currency boom and now other companies and corporations are starting to accept various forms of crypto. Currently companies such as Microsoft, Dish Network, Overstock.com and many more have decided to open its registers to accept some form of digital currency.

Investors and developers are hoping that this announcement will set off a chain reaction and more teams will start accepting various forms of payment including cryptocurrency. Cuban has always been tech savvy so it’s not a huge surprise to see his team among the first to accept Bitcoin and Ethereum.

Cuban moved to Dallas in 1982 and had little to no money. He started off in Dallas as a bartender and soon became involved with selling computer software. He stated that getting fired from his first 3 jobs were what drove him to success. He also said the fact that he had nothing meant he had nothing to lose. Cuban eventually found what he thought was his calling when he developed his company MicroSoultions. MicroSoultions turned out to be a very successful business venture for Cuban and he eventually sold his business for 6 million USD to a subsidiary of H&R Block. Add in his success on the TV show Shark Tank and he is now one of the biggest entrepreneurs in the Dallas metro area. Some people say his popularity is as big as Texas.

Cuban has now owned the Mavericks for 17 years. He has brought the struggling NBA organization from basically nobodies to consistent potential playoff contenders. The Mavericks even won an NBA title in 2011 under Cuban’s ownership. Only time will tell if investing his team in crypto will pay-off, but Dallas investors will surely take advantage of this pivotal moment and maybe even score some great seats too.