Anybody who has ever traveled to China probably noticed the popularity of basketball there. However, it may still surprise a lot of our readers from other parts of the world on just how vastly popular the National Basketball Association (NBA) is in China. According to the “2017 Red Card Report” published by Mailman, a digital sports marketing agency in Shanghai, the NBA is six-times more popular than European football leagues in China. The 2017 NBA finals gained over 190 million viewers on mobile alone and the NBA has more followers on Sino Weibo than Twitter followers. This may explain why Marc Cuban, the billionaire owner of the Mavericks, and a regular “shark” on the US reality TV show, “Shark Tank” made it a priority to find a new nickname for his team in China.
How the Mavericks’ “Little Cows” became “Lone Ranger Heros” in China
The increasing popularity of the NBA came with some cultural challenges. Evan Hoopfer of the Dallas Business Journal writes, “As the team's popularity in China expanded, it encountered a slight problem in creating a menacing mascot — the Mavericks name translates to "Little Cows" in Chinese.” This is not exactly how a Dallas, Texas-based team wants to be thought of in the world. So the Mavericks engaged with their Chinese-speaking fan base and crowdsourced a name which resounds more with the fans’ exceptions – “Lone Ranger Heros.”
Who Accepts Bitcoins as Payment?
Earlier this year, Cuban announced that the Mavericks will accept cryptocurrencies as payment for tickets starting in the 2018-19 season. This was a surprising move from a man who had called Bitcoin a bubble in 2017. He has since become a cryptocurrency advocate, backing investments in various tokens and a cryptocurrency fund.
Earlier Tweets from Marc Cuban suggest that he views cryptocurrencies as assets.
All past bubbles have 2 things in common: Geographical barriers and gatekeepers. #crypto is permissionless and global. Never seen before.
— CriptoMonedas TV (@CriptoMonedasTV) June 6, 2017
I think it would continue on its current trajectory unless somebody tries to link it to tangibles aka normal currencies. #CryptoBubble
— Krishna Singh ?? (@gotokrish) June 6, 2017
Many traders and analysts will agree with these statements. Kevin O’Leary, Cuban’s fellow investor/shark on “Shark Tank,” doesn’t categorize cryptocurrencies (Bitcoin) as a currency either due to its extreme volatility. "However, is it an asset?” he asks on CNBC’s “Make IT,” and continues, “Yes. It is one of the most successful assets on the planet right now because it's a global speculation.” O’Leary, says, “Unlike a currency, which is used to assign and exchange value, an asset has its own inherent value based on what people will pay for it, like art.”
Become your Client’s Lone Ranger Hero
Marc Cuban is a savvy investor and business man, who has proven that he can adapt to changing markets, taking calculated risks on the way in order to profit from upcoming trends. Most financial services clients may not own an NBA team, or have the business acumen of Mr. Cuban. They rely on the good advice of financial professionals to educate them about the inherent risks in crypto investments. Minimizing the risk for this highly volatile asset class, while helping clients achieve their investment goals, is imperative. To achieve these goals, working with a strong provider with deep domain expertise and a good product is important. MIGAM’s and its ELJOVI Multi Strategy Fund, a fund leveraging arbitrage trading in inefficient markets and cryptocurrencies in emerging markets, is one such option for qualified investors. Other, lower-risk opportunities to participate in cryptocurrency investments exist with MIGAM’s Wealth Insuring products. So maybe, you’ll become your clients’ personal hero; even if it is just because you get tickets for the next “Lone Ranger Hero” game and pay it all in crypto.