NFL stars are considering Bitcoin to secure their future. Cryptocurrencies experienced a boom towards the end of 2017 making words like Bitcoin a buzz word among many people. This boom didn’t go unnoticed by the NFL stars.
NFL career can be lucrative but there is always a lot of uncertainty, a report has shown 1 out of every 6 NFL players file for bankruptcy 10 years after they retire. It’s easy to see why NFL stars are considering Bitcoin to secure their future.
One-star leading the way is Seahawks’ cornerback and four-time Pro Bowler Richard Sherman.
He says the boom Bitcoin experienced towards the end of 2017, had many players pay attention and some, like himself, invest. During a recent interview with CNBC, he says:
“The way Bitcoin boomed from nothing to $19,000 at one point, that really caught the eye of a lot of people. Ever since then it has been common conversation for a lot of us.”
Sherman was one of the early adopters of cryptocurrency in the sport. In 2014 he began to accept payment through Bitcoin for merchandise purchases on his website.
When asked about what the reason behind this move by many players is, he says:
“None of us really grew up with … financial literacy, a lot of [players] have been taken advantage of by financial advisers.”
They offer another investment option for NFL players though they are not without risk, “There are a ton of different coins’ he says, and this is enough to overwhelm even seasoned investors.
However, he is still happy to talk crypto with his teammates. But, he knows he is no financial advisor, and refrains from offering them financial advice, he explains;
“You read up, you hear great things about some [coins], you hear terrible things about others, they fluctuate throughout the day. It is such an unpredictable market.”
Despite the volatility of the market, he is happily invested in Bitcoin and other cryptocurrencies and he believes they offer a great opportunity for NFL players to diversify their investment portfolio and secure their futures. He adds:
“A lot of them have just been trying their best to become more educated on not only cryptocurrencies, but just stocks and trading in general […] So people in my sport, in my field, are definitely becoming more educated and trying to be more intelligent with how they play for the money and understanding where their money is going.”
In the comment section below, tell us if you believe Bitcoin and other cryptocurrencies represent a shrewd investment option for the NFL stars.