Patriots Fan Buys Super Bowl LII Tickets Using Bitcoin
"The reason why we did it was because a customer reached out and said, 'I have some bitcoin and I'd love to use it to make it happen,'" Brett Goldberg, co-CEO of TickPick, told Benzinga. "I was very skeptical at first, but it was super easy to be honest and we saved a lot of money on fees."
Goldberg said if the customer used an American Express Company (NYSE:AXP) card, they would have been hit with a 2.89-percent fees on a $19,900 transaction; instead the company paid a 0.1-percent fee.
The customer purchased two tickets in the first row of the endzone, Goldberg said.
"I was shocked. I thought the fees would be a big number, but it was a very small fee. Using bitcoin, it has to be a big dollar transaction to make it worth both of our time."
The move by TickPick was done largely to capture the customer's business, who told the company he would go elsewhere if they weren't willing to accept cryptocurrency.
Bitcoin’s wild fluctuations ended up costing the consumer a few thousand more over the course of the transaction, Goldberg said.
“When we started the conversation, bitcoin was valued around $11,500, but by the time we did the deal, it was down to $9,000. That’s how crazy it was over a four-day period. Originally he was going to do 2 bitcoin, but he ended up paying 2.2,” Goldberg said.
After a successful experience, Goldberg said he's open to accepting bitcoin in future ticket transactions.
“For someone interested, it would have to be [an] over-$1,000 transaction to make it worth both of our time."
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