This Australian baseball club will pay its players’ salaries in Bitcoin (BTC)

Australian baseball team Perth Heat to pay players and staff in Bitcoin (BTC)

Perth Heat, a major Australian baseball club, just announced its intention to pay its players and staff in Bitcoin (BTC) in a press release to Bitcoin Magazine. Salaries will be paid through the Lightning Network, the decentralized network built on top of the Bitcoin network.

The Lightning network is already heavily used in El Salvador, the first country to adopt Bitcoin as legal tender. To help them in this process, Perth Heat turned to OpenNode, an infrastructure that helps merchants accept Bitcoin as a means of payment.

The club does not content itself with offering salaries in cryptocurrency. Convinced of the future of digital currencies, the baseball team will keep Bitcoin on its balance sheet and accept payments and sponsorships in Bitcoin. Gradually, the club’s capital will be converted into Bitcoin.

“Perth Heath is committed to operating by building on the Bitcoin standard and converting corporate cash flow from dollars to Bitcoin. This is not a one-time purchase to protect against future uncertainties or inflationary pressures. Perth Eath embraces the reality that shows the future of money […] will live on the Bitcoin blockchain, ”says Patrick O’Sullivan, Bitcoin Manager at Perth Heath.

The press release does not hide the club’s enthusiasm for the queen of cryptocurrencies. According to Steven Nelkovski, CEO of Perth Heat, the adoption of Bitcoin and its values ​​should even allow the baseball club to chain victories and achieve success. To underline its commitment, the Australian club will now present itself as “the Bitcoin baseball team”.

👉 Also read: This Dutch football team will keep Bitcoin (BTC) in its treasury

Bitcoin salaries are not compulsory

Unsurprisingly, Perth Heath will not impose Bitcoin salaries on its players or staff. Asked by our colleagues from the Guardian, Steven Nelkovski specifies that it will always be possible to collect his pay in fiat currency, such as the dollar. Players can also choose to receive only a portion of their salary in cryptocurrency.

“We give players the freedom to decide what is best for their unique situation. The whole process is very similar to the traditional payment process, ”argues the Perth Heath PGD.

Nevertheless, Steven Nelkovski specifies that all the players were enthusiastic at the idea of ​​receiving their pay in Bitcoin, in particular thanks to the “incredible ease of use” of the currency. To prevent players from being penalized by the fluctuation in the price of Bitcoin, the club explains that it has put in place protective measures, reports ABC News. Concretely, the dollar amount owed to each player is converted into Bitcoin just before the transfer, but salaries are always calculated and negotiated in dollars.

“They were not contracted to receive an ‘X’ amount of Bitcoin per season […]. As long as the payments are on the Lightning Network, we can protect against it and pay the required salary for that week or fortnight. Now, if he decides to hold Bitcoin and it loses value in a week, well, that’s his decision, ”explains the club leader.

This is not the first time that a sports organization has offered Bitcoin salaries to its players. Since last June, the Canadian Elite Basketball League (CEBL) has been allowing its players to receive part of their pay in cryptocurrency. This has also been the case with the Sacramento Kings, an NBA basketball team, since April.

“We are convinced that in five years, it will not only be our players, but just about all professional athletes, who will receive some or all of their salaries in Bitcoin,” says Steven Nelkovski.

The Australian club’s announcement comes against a backdrop of growing interest in the cryptocurrency industry in Australia. According to a recent study by Finder, 17% of Australians hold crypto-assets. The Australian population is believed to own more than $ 8 billion in digital assets in total.

👉 On the same topic – This Australian pension fund is considering investing in cryptocurrencies

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About the author: Florian Bayard

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