Mark Cuban is not the NBA’s only bitcoin bull. Houston Rockets owner Tilman Fertitta is also on the bitcoin bandwagon. Fertitta, another billionaire, is at the helm of Fertitta Entertainment, which in addition to the Rockets owns the bitcoin-friendly restaurant Landry’s.
Now the NBA’s Houston Rockets team has partnered with bitcoin platform NYDIG to help bring BTC to the masses. NYDIG has a mission of “bringing bitcoin to Main Street,” which it does through technology and financial products. Fertitta recently tweeted about NYDIG and bitcoin, saying, “Don’t be a dinosaur.”
The NBA is no stranger to crypto. Mark Cuban’s team, the Dallas Mavericks, was an early mover to accept payments in bitcoin and Dogecoin. The league is behind packs of digital collectibles known as Top Shot, which places the NBA in the white hot NFT market.
The Rockets will be paid for the sponsorship deal in bitcoin, the proceeds of which will be held on the NYDIG platform. By holding onto the bitcoin, the team is setting the example for the league and beyond that it is not necessary to convert crypto to fiat money.
Rockets President of Business Operations Gretchen Sheirr stated, “Partnering with NYDIG allows us to leverage the growth of Bitcoin to provide creative rewards and payment options to our fanbase and associates.”
The collaboration will catapult bitcoin to the forefront in the city of Houston, where Rockets fans will be given an opportunity to be educated about and use bitcoin. The Houston Rockets Twitter account has more than 3 million followers, and the team’s arena has been known to hold over 18,000 ticketholders at a time.
If the team’s name is any indication, the Houston Rockets should be able to handle bitcoin’s volatility just fine. After recently touching on a fresh all-time high of over $68,000, the bitcoin price dipped below $60,000 today. Market leaders expect it will be only a matter of time before it resumes its bullish trajectory.
While the price might be taking a breather, crypto analysts believe it is the calm before the storm. And there are numerous catalysts. For example, bitcoin futures ETFs have finally hit the market. And bitcoin recently underwent a major upgrade called Taproot that is expected to result in lower fees, greater security and more privacy on the network.
Price targets for the bitcoin price from high-profile traders and influencers are in the range of $100,000 by year end.