The Canadian Elite Basketball League will allow players on its seven teams to accept a portion of their salaries in Bitcoin starting next week.
According to an announcement Thursday, the Canadian Elite Basketball League, or CEBL, It has been associated with Toronto-based cryptocurrency exchange Bitbuy to convert part of existing salaries of basketball players from Canadian dollars to Bitcoin (BTC) on demand. The league said it will see to it that the funds are delivered to players’ personal cryptocurrency wallets.
More than 70 players on the active roster of the Edmonton Stingers, Fraser Valley Bandits, Guelph Nighthawks, Hamilton Honey Badgers, Ottawa Blackjacks, Niagara River Lions, and Saskatchewan Rattlers will apparently be eligible for crypto payments. Bitbuy will also join CEBL as an official sponsor.
The Nighthawks’ Kimbal Mackenzie said he would be one of the first players to accept the CEBL offer.. The 24-year-old guard recently re-signed with the team for the 2021 CEBL season starting June 24.
“The opportunity to get paid in Bitcoin is something I’m incredibly excited about,” Mackenzie said. “I believe that cryptocurrency is the future. The possibility that part of my salary will go directly to an investment that I think will appreciate a lot over the next 10 to 30 years is a no-brainer. “
Although many franchises and sports organizations have partnered with crypto and blockchain companies, many people have raised concerns about Bitcoin as a medium of exchange given the price fluctuations of crypto assets.. Mackenzie added in a separate interview that he would accept half his salary in Bitcoin and was apparently not concerned about any potential volatility:
“[Si Bitcoin cae], so be it. It was a decision he was willing to make. On the other hand, if it increases, maybe I will retire in two years ”.
Since reaching an all-time high of $ 64,899 in April, Bitcoin has dropped significantly after Tesla CEO Elon Musk said the company would stop accepting the cryptoasset as payment for vehicles due to environmental concerns.. At press time, the price of BTC is $ 36,788, having fallen more than 5% in the last 24 hours.
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