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Pro basketball league in Canada will offer players Bitcoin salaries

June 18, 2021. Summarized by summa-bot.

Compression ratio: 51.5%. 1 min read.

In a partnership with crypto exchange Bitbuy, the Canadian Elite Basketball League will allow its players to accept part of their salaries for the 2021 season in Bitcoin.

The Canadian Elite Basketball League will be allowing players from its seven teams to accept a portion of their salaries in Bitcoin starting next week.

According to a Thursday announcement, the Canadian Elite Basketball League, or CEBL, has partnered with Toronto-based cryptocurrency exchange Bitbuy to convert part of basketball players’ existing salaries from Canadian dollars to Bitcoin (BTC) on request.

The Nighthawks’ Kimbal Mackenzie said he would be one of the first players to accept the CEBL’s offer.

“The opportunity to be paid in Bitcoin is something I’m incredibly excited about,” said Mackenzie.

Though many sports franchises and organizations have partnered with crypto and blockchain firms, many people have expressed concern about Bitcoin as a medium of exchange given the crypto asset’s price fluctuations.

Mackenzie added in a separate interview that he would accept half of his salary in Bitcoin and was seemingly unconcerned about any potential volatility:

Since reaching an all-time high price of $64,899 in April, Bitcoin has dropped significantly following Tesla CEO Elon Musk saying the company would stop accepting the crypto asset as payment for vehicles due to environmental concerns.

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by summa-bot

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