Every day, cryptocurrencies are making their way into the world of sports. After car racing, they are now entering the basketball universe. The Canadian Elite Basketball League (CEBL) will offer to its players the possibility to be paid in cryptocurrency. Good news for some, not so good for others.
From 21st June, the seven teams forming the League will be able to decide whether their players will receive a portion of their salaries in Bitcoin (BTC). In an effort to make the cryptocurrency users’ dream come true, the CEBL has partnered with the cryptocurrency exchange Bitbuy. As part of the process, Bitbuy will also become a CEBL official sponsor.
The Toronto exchange is to convert a portion of a player’s salary into BTC. The League has announced that the funds will be delivered on request directly to the player’s personal crypto-wallet in order to ensure security of transactions.
At the time of writing, more than 70 players on the active roster from Edmonton Stingers, Fraser Valley Bandits, Guelph Nighthawks, Hamilton Honey Badgers, Ottawa Blackjacks, Niagara Lions and Saskatchewan Rattlers support the project.
Kimbal Mackenzie, a Nighthawks player, shows great enthusiasm for the project. He says he would be one of the first CEBL players to accept the offer. “The opportunity to be paid in Bitcoin is something I’m incredibly excited about”, explained Mackenzie. “I believe cryptocurrency is the future. The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10-30 years is a no-brainer.”
Even if numerous franchises and sports organisations partner with crypto and Blockchain companies, the CEBL’s project has raised a lot of concerns given the crypto asset’s price fluctuations.
On the other hand, even the said fluctuations do not prevent certain players from following Mackenzie’s way. “If Bitcoin falls, so be it. It was a decision I was prepared to make. On the other hand, if it increases, maybe I will retire in two years,” he joked in an interview.
If Mackenzie is clearly not afraid of a fall of Bitcoin, such a fall is no less real. Bitcoin has dropped significantly since reaching an all-time high price of $64,899 in April. At the time of publication, the Bitcoin price is $36,788, having fallen more than 5% in the last 24 hours.
The Canadian Elite Basketball League is going to allow its players to receive a portion of their salaries in Bitcoin. This decision raises concerns among a number of people given the crypto asset’s volatility. These concerns affect less than little certain players’ enthusiasm, Kimbal Mackenzie being one of the supporters.
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