While institutions start to slowly dabble fractions of their portfolios in crypto, an Australian baseball club is way ahead of the game. The Perth Heat – the most successful club in the league – is adopting Bitcoin as its primary monetary unit. That includes shifting its treasury from dollars to Bitcoin, and using it to pay staff.Perth Heat Swallows The Orange Pill
The club revealed its plans for Bitcoin adoption in a statement to Bitcoin Magazine earlier today. Apparently, the Heat will be fully utilizing the lightning network to pay its players/staff, and even accept payments.
“In partnership with OpenNode, the Perth Heat is setting Bitcoin as the new standard for payments and payouts,” per the statement.
OpenNode is a Bitcoin payment-service provider allowing instant conversion from BTC into traditional currenciesMeanwhile, the lightning network is a layer-2 Bitcoin scaling solution allowing it to process near-unlimited transactions per second. This is what gives El Salvador the throughput to process Bitcoin payments across the country.
Like El Salvador, the team envisions Bitcoin as the future of money, and is adopting the technology in advance. Patrick O’Sullivan – labeled “Chief Bitcoin Officer” for the Heat – said this is not merely a transitory inflation hedge:“This is not a one-off purchase to hedge against future uncertainties or inflationary pressures. The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain.”
O’Sullivan added that the team is operating by a “Bitcoin Standard”, and will be transitioning its balance sheet from dollars to Bitcoin. Echoing Bitcoiner rhetoric, he said that the team’s actions are “securing its digital property rights” and following “sound money principles.”A Radical Move
Numerous wealthy individuals and businesses have been gathering small exposure to Bitcoin over the past year. Paul Tudor Jones – a bill...