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Canadian Pro Basketball To Pay Players In Bitcoin

Beginning next week, the Canadian Elite Basketball League is going to allow its players to take a portion of their income in Bitcoin.

According to an announcement made on Thursday, the Canadian Elite Basket League, also referred to as CEBL, has collaborated with BItbuy, a cryptocurrency exchange based in Toronto, to convert a certain portion of the players’ present incomes from Canadian dollars or Bitcoin on demand. The league revealed that it will make arrangements for the funds to be sent to each player’s personal cryptocurrency wallet.

Above seventy players from the Fraser Valley Bandits, Ottawa Blackjacks, Edmonton Stingers, Hamilton Honey Badgers, Saskatchewan Rattlers, Guelph Nighthawks, and Niagara River Lions will be considered qualified for the cryptocurrency payments. Bitbuy is also set to join as an official sponsor with CEBL.

The Guelph Nighthawks’ Kimbal Mackenzie stated that he would be among the first players to agree to CEBL’s crypto-related offer. The player recently re-entered the team for the 2021 Canadian Elite Basketball League season, which will begin on the 24th of June.

According to Kimbal Mackenzie, the opportunity to have a part of his salary go into an investment will be something he will appreciate over the next ten to twenty years. He is excited about the opportunity to be paid in Bitcoin.

Although numerous sports organizations as well have franchises have collaborated with cryptocurrency and blockchain firms, a lot of individuals have shown concern regarding Bitcoin acting as an exchange medium considering the cryptocurrency asset’s proneness to price fluctuations. Mackenzie stated in another interview that he would willingly take half of his income in Bitcoin; he seemed unfazed about any likely volatility.

After achieving a peak high of $64K earlier in April, Bitcoin has significantly plummeted after Elon Musk, CEO of Tesla, stated that the electric automobile company would immediately cease accepting Bitcoin as payment for its vehicles, concerns for the environment being the main concern. However, most in the space believe the price will increase significantly in the near future and the potential for crypto assets, in general, is huge.

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