Perth Heat to pay players and staff in Bitcoin

This can only end in tears.

Why?

Bitcoin is so volatile and has no real value, price is no indication of value, that there will be big winners and big losers in this move by the Perth Heat.

If this turns out to be a great move, those who turn it down will be disappointed with their decision.

If it turns out to be a poor move, those who took it up will be disappointed.

Unions always demand higher salaries for the workers when a company is doing well, but never want to take a pay cut when the company is doing badly.

Paying staff and players with Bitcoin has the potential to give pay rises and pay cuts on a weekly basis.

Interesting statement "...embrace a monetary system that demands value creation to thrive,"... nope, it doesn't demand value creation to survive, it demands that there is a bigger fool who is willing to pay more for your Bitcoin than you paid.

 

Yahoo Finance - Business finance, stock market, quotes, news wrote:

"We know the community looks to the Heat as a model of success and hope our adoption of a Bitcoin Standard will inspire others to embrace a monetary system that demands value creation to thrive," Heat CEO Steven Nelkovski said in a statement.

"The players and organisational staff have fully embraced the opportunities that being paid in Bitcoin can provide."

The payments in Bitcoin are not believed to be mandatory - which may come as a relief given the cryptocurrencies market volatility.

I think the players would be better off being paid in gold coind from the Perth Mint, at least they'll have something to hold onto and gold will hold its value much longer than Bitcoin.

What do you think?

 

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