Why NBA legend Shaquille O’Neal didn’t invest in crypto

Why NBA legend Shaquille O'Neal didn't invest in crypto

Since retiring from the NBA in 2011, Shaquille O’Neal has reportedly amassed a net worth of over $ 400 million. But the Basketball Hall of Famer says it’s clear on one popular investment strategy: cryptocurrencies.

“I don’t understand it,” O’Neill told CNBC Make It. “So I’m probably going to stay away until I have a more complete understanding of what it is. “

The former Los Angeles Lakers star says he doesn’t kill others for trying it out. In recent months, a number of professional athletes have made the switch to cryptocurrency, leaving behind seven-time Super Bowl champion Tom Brady and three-time NBA champion Stephen Curry of the New York Giants at Saxon Barkley.

But, O’Neill notes, he is wary of all successes overnight. He saw digital currencies around. “Every time someone tells me one of these great stories. I love it. But in my experience, it’s too good to be true,” he says.

In July, O’Neill told Front Office Sports that he was frequently approached by crypto companies for potential partnerships and promotional work: “I always get these companies that say, ‘Hey, we’re going to tweet you. . ‘So I have to say,’ Well, if you’re going to give me a million dollars worth of crypto, why do you need me? ‘ “

The 15-time All-Star also said some of his friends “got caught up in a little scandal like once upon a time,” sidelining him from the concept.

Another Basketball Hall of Fame member Charles Barkley also agrees with O’Neill. Barkley told CNBC Make It last month that his advisers “don’t believe in cryptocurrency.”

“I have finance guys. One of them said, “If I ever put you in crypto, you should kick me out right now,” Barkley said.

Many financial experts warn investors that the cryptocurrency market has always been volatile, advising people to invest only the money they can afford to lose. Billionaire investor Ray Dalio told CNBC Make It last month that he invested “a very small amount” of money in bitcoin, only to diversify his portfolio – but not if there is a way to choose between physical assets like bitcoin and gold. If he is forced, he will choose gold.

Still, many athletes and investors – some of whom have plenty of money to start with – are optimistic about the future of digital currencies. In May, Brady told CoinDesk he was “a big supporter” of crypto, although he declined to disclose specific details about the crypto assets he had invested in.

O’Neill says his investing style is simple: He only invests in assets that he believes can change people’s lives. “I once heard Jeff Bezos say [that] He bases his investment on whether it will change people’s lives, ”O’Neill told The Wall Street Journal in 2019.

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