Count the Oakland A’s amongst those jumping on the Bitcoin bandwagon.
On Sunday, A’s president Dave Kaval announced that they will be selling suites for the 2021 season for the price of one Bitcoin. They are believed to be the first team to be entering the Bitcoin market in Major League Baseball.
Oakland A’s getting ahead of the curve
In theory, this is a great way for the A’s to make some extra money. Bitcoin’s value has been steadily increasing, and while the bubble may burst at some point, the train does not show any signs of slowing down just yet.
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That is the inherent risk of such a move. Right now, one Bitcoin is worth just under $60,000, but that price can fluctuate. After all, when Elon Musk had said that he thought the price for one Bitcoin seemed high, the value plummeted to approximately $50,000 before returning to its present level.
That value has also steadily increased thus far in 2021. Bitcoin had started the year valued at close to $35,000 before dropping briefly before its surge. However, it is expected that Bitcoin would be worth close to $100,000 before the end of the year. That would give the A’s an impressive profit should they sell any of those suites.
At the same, that price could plummet as well. The A’s may be getting close to $60,000 per suite now, but that Bitcoin could easily drop as well. Just the idea that Bitcoin is overvalued caused the price to drop earlier in the year, and could rear up again. Nonetheless, this is the type of gamble that a team such as the A’s needed to make.
The Oakland A’s are accepting Bitcoin as payment for a suite for a full season. This is a move that could pay off handsomely, or could be a financial disaster.