December 5, 2021

Australia’s Perth Heat To Pay Its Sportsmen With Bitcoin

Should I Give Cryptocurrencies a Go Now?

The Perth Heat baseball team in Australia has confirmed a collaboration with Bitcoin payment service OpenNode, which will allow the club to accept and process Bitcoin (BTC) transactions. In exchange for this cooperation, Perth Heat may now pay pro athletes and personnel in Bitcoin. Following the announcement, it was disclosed that the professional sports team will receive and transmit payments in Bitcoin using the Lightning Network (LN).

Apart from that, Perth Heat’s relationship with OpenNode enables the company to receive Bitcoin payments for endorsements, merchandising, and other income sources. Perth Heat has gone a step further by rebranding itself as “the Bitcoin baseball club.” On its main site, the team has also featured goods with the Bitcoin logo on them. The announcement stated that as a component of this sports world first, the Perth Heat would hold Bitcoin on the club’s income statement, demonstrating a long-term commitment to widespread Bitcoin adoption.

According to Steven Nelkovski, the chief executive officer of Perth Heat, following the fundamental ideals of the Bitcoin protocol will motivate people to adopt a monetary system that necessitates value creation to exist. In the words of the team’s head BTC personnel, Patrick O’Sullivan, the team has already built an initial stake in Bitcoin (BTC). And this would help safeguard its intellectual property interests on the globe’s largest and most secure financial network, and it will endeavor to input extra funds into BTC.

Crypto Adoption In Australia

Perth Heat is accepting the truth that the Bitcoin blockchain will be the destiny of currency and business treasuries, and they are embracing it. This year, Australia has increased its attempts to allow for the adoption of regulated cryptocurrencies. On October 20, a Senate committee in Australia advocated for a comprehensive rethink of cryptocurrency legislation and licensing requirements.

The Australian Securities and Investments Commission also announced a policy that allows exchange-traded products based on Bitcoin and Ethereum (ETH) to be offered. As of October 2021, BTC and Ether seem to be the most likely fundamental assets for an ETP to meet all five of the criteria outlined for determining eligible underlying assets. In the future, it is expected that the spectrum of non-financial commodity crypto-assets that can fulfill these criteria will grow in number and variety.

According to a recent poll conducted by Crypto.com, Australian residents are also interested in learning more about cryptocurrency investments. 26% of the 2,020 Australians asked, who were between the ages of 18 and 59, said they would probably give some out for Christmas or purchase crypto-related items. According to Karl Mohan, general manager of Crypto.com, “Australians are highly interested in adopting cryptocurrencies and integrating their use into day-to-day purchasing practices.”